US President pledges to rescue oil industry

By Syed Sajid Aziz in USA
(Pakistan News & Features Services)

The United States (US) President, Donald Trump, has pledged to rescue the oil industry which was rocked on April 20 as the prices went negative for the first time in history.

“We will never let the great U.S. Oil & Gas Industry down. 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 on April 21.

The US President didn’t furnish details, however, only saying that he had advised members of his administration to make funds available to companies.

“We are taking very aggressive but appropriate steps to help the industry. The administration is working to ensure that oil and gas companies can access lending programs created by the $2 trillion coronavirus rescue plan, including those meant for medium-sized businesses and the Federal Reserve facility,” Energy Secretary, Dan Brouillette, revealed in a television interview.

“The market is ruthlessly efficient at weeding out high-cost producers. The demand curve has moved so quickly in a downward fashion, the production is simply not able to keep up with it,” he added.

In the meantime, the West Texas Intermediate (WTI) futures had plunged below zero for the first time ever on April 20 and the sector has hemorrhaged an estimated 51,000 drilling and refining jobs in March, according to BW Research Partnership, a research consultancy which also warned that the industry’s job losses could reach as high as 30% or more in the first quarter of 2020.

Comments

KDSP: Empowering Individuals with Down Syndrome in Karachi

The Karachi Down Syndrome Program (KDSP), a beacon of hope and support, is making significant strides in empowering individuals with Down syndrome in the city. Founded in March 2014 by a group of passionate parents and individuals, KDSP addresses the critical need for comprehensive resources and platforms for those with Down syndrome in Karachi. Bridging the Gap: A Mission of Advocacy and Inclusion KDSP operates as a non-profit organization with a clear mission: to advocate for the value, acceptance, and inclusion of individuals with Down syndrome. Recognizing the limited support and resources available locally, KDSP was established to provide a nurturing environment where individuals with Down syndrome can lead independent and fulfilling lives. A Lifelong Journey of Support Understanding the unique needs of individuals with Down syndrome and their families, KDSP offers unwavering support from the moment a family receives a diagnosis. They embark on a journey with each family, pro...

China’s top advisory body meets

By Masood Sattar Khan (Pakistan News & Features Services) The third annual session of the 13th National Committee of the Chinese People's Political Consultative Conference (CPPCC) opened on May 21, after being delayed for more than two months because of the COVID-19 pandemic. Much is expected of this year's session of China's top political advisers as the country's goal of building a moderately prosperous society in all aspects is expected to be realized by the end of this year, which is also the final year of the country's 13th Five-Year Plan (2016-20). The CPPCC National Committee gathers the country's smartest minds from different walks of life. Their ideas have contributed a great deal to what this country has achieved in its endeavors in poverty alleviation, in making progress in all fields for the realization of the goal of building China into a moderately prosperous country in all aspects. And so have their inputs into the fight against the novel co...

KPT celebrates Arfa Karim Day with great enthusiasm

By Abdul Qadir Qureshi (Pakistan News & Features Services) On the occasion of the second death anniversary of the youngest Microsoft expert and the Pakistani icon, Arfa Karim, the Karachi Port Trust (KPT) organized a harbour cruise for students alongwith Mrs Samina Amjad, mother of late Arfa. Speaking on the occasion, Samina Amjad highlighted the goals set forth by the Arfa Karim Foundation and said that her daughter wanted to bring about a revolution in the field of education using IT as a tool, for imparting quality education to under privileged students particularly in rural areas of Pakistan. This, she pointed out, was even shared by Arfa with international and national media interactions as her daughter has always dreamt big in her short life. The Arfa Karim Foundation is striving hard to preserve her complete legacy and moving forward to persue her dreams, Samina told the gathering adding that with this objective in v...

Shehri Tv

Search This Blog