"Some oil companies complain the battle between Russia and Saudi Arabia should force Trump to help struggling domestic producers."
"Independent U.S. oil companies suffering from the meltdown in crude prices are pressing President Donald Trump for financial help, but the political blowback is likely to thwart any significant action to help the industry.
Two industry executives said Trump’s National Economic Council was planning to meet Wednesday afternoon to discuss possible action, which could include low interest loans to companies, federal oil purchases to support prices or even trade barriers to protect the U.S. industry.
But offering aid to the industry that lifted U.S. oil production to a record levels last year and has benefited from substantial deregulation under the administration — and opened up its checkbooks for Trump's reelection — is a tough political sell. Critics have already taken to social media to blast the potential move as a “ShaleOut” and mock the executives asking for aid as advocating socialism."
Ben Lefebvre, Zack Colman, and Anthony Adragna report for Politico March 11, 2020.
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