Trump Directs Mnuchin Create Plan to Support Oil, Gas Industries

• President Donald Trump on Tuesday ordered Energy Secretary Dan Brouillette and Treasury Secretary Steven Mnuchin to put together a plan to get funding to the struggling U.S. oil and gas industry.
• Trump’s promise that he “will never let the great U.S. Oil & Gas Industry down” came as West Texas Intermediate crude futures continued trading with a negative price, a day after falling below zero for the first time ever.
• The oil and gas industry has seen a historic sell-off amid the coronavirus pandemic.

President Donald Trump ordered Energy Secretary Dan Brouillette and Treasury Secretary Steven Mnuchin to put together a plan to get funding to the struggling U.S. oil and gas industry as a historic sell-off in crude continued.

“I have instructed the Secretary of Energy and Secretary of the Treasury to formulate a plan which will make funds available so that these very important companies and jobs will be secured long into the future!” Trump tweeted Tuesday morning, as West Texas Intermediate crude futures for May delivery again traded in negative territory.

The president’s tweet did not specify how much money would be made available or which oil and gas companies would be eligible to receive it. The White House did not immediately respond to a request for comment on the president’s directive.

Trump’s promise that his administration “will never let the great U.S. Oil & Gas Industry down” came as a crude futures contract continued trading with a negative price, a day after falling below zero for the first time ever.

The nearest oil futures contract – WTI crude for May delivery, which expires Tuesday – collapsed Monday, settling below negative $37 per barrel. The negative price means producers would have to pay traders to take the oil off their hands.

The oil and gas industry has seen a historic sell-off amid the coronavirus pandemic. Government efforts to contain the spread of the virus—by closing nonessential businesses, ordering residents to stay in their homes, and banning some travel—have upended daily life for millions and effectively ground economic growth to a halt.