Skip to main content

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.
Labels:

Comments

Post a Comment

Popular posts from this blog

Dr. Zeelaf Munir Calls for Supply Chain Reforms to Strengthen Pakistan’s Food Security at Breathe Pakistan 2026

  Karachi: At the recently held Breathe Pakistan 2026 conference, where EBM participated as the principal partner, the company’s Managing Director and CEO Dr. Zeelaf Munir emphasized the urgent need to rebuild Pakistan’s agricultural supply chain to ensure long-term food security and sustainable development. Addressing participants at the event, Dr. Zeelaf Munir stated that while initiatives such as improved seeds, affordable credit facilities, and crop insurance are important, they alone cannot transform the lives of smallholder farmers unless the supply chain that follows agricultural production is fundamentally restructured. She highlighted that Pakistan’s food security is being “made or lost” within the post-farm supply chain, stressing that inefficiencies in storage, transportation, distribution, and market access continue to limit the benefits reaching farmers and consumers alike. Dr. Munir further noted that the transformation required in Pakistan’s agri-food sector must ...
Post a Comment
Read more

Constitution, Justice and Public Trust Essential for National Unity: Speakers

Bazm-e-Mukalma Pakistan organized the 39th Professor Karrar Hussain Memorial Lecture with a question-and-answer session at Rabat Hall, Bahadurabad, on “Lack of National Unity: Causes and Remedies.” Speakers and senior analysts Syed Muzafar Ejaz and Mazhar Abbas said national unity could not be achieved through slogans alone, but required justice, equality, constitutional supremacy, democratic continuity and public trust. They highlighted religious, linguistic, provincial and class-based divisions as major challenges to national cohesion. Mazhar Abbas stressed the importance of institutions working within their constitutional limits, freedom of the press and respect for the people’s right to choose their representatives. The session concluded with an interactive question-and-answer session on national identity, constitutional supremacy, the political system, provincial grievances and the role of state institutions.
Post a Comment
Read more

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...
Post a Comment
Read more