Companies large and small are dealing with the historic price crash.
Leaders from the oil industry will be meeting with President Trump at the White House on Friday. An official with the American Petroleum Institute confirmed that the meeting will take place.
“Natural gas and oil will be critical to our nation’s economic recovery, and the industry’s message to the administration is sharing actions it is taking during this challenging time and highlighting that history has proven that markets work,” the official said. “We are not seeking any government subsidies or industry-specific intervention to address the recent market downturn at this time.”
The CEOs of America’s two largest oil companies, Exxon Mobil and Chevron, will be attending the meeting along with executives from independent producers.
The United States has become the world’s top producer of oil and gas, but the sector is facing financial issues as demand has been greatly diminished by the virus pandemic, and Russia and Saudi Arabia have been engaging in a price war and flooding the market at a time when automobile and air travel is diminished.
President Trump said on Thursday he had brokered a deal with top producers Russia and Saudi Arabia to cut oil output and arrest the oil price war in the midst of the global coronavirus pandemic. Prices for crude went up by 45 percent.
As the Lord Leads, Pray with Us…
- For President Trump and the leaders of the oil and gas industry to find wisdom and creativity in dealing with the current economic conditions.
- For Russia and Saudi Arabia to honor the agreement President Trump has negotiated.
Sources: Reuters, Washington Examiner, Bloomberg
