News that matters to you.
PIxabay
The Trump administration is considering a package of aid to help failing Big Oil companies too financially unhealthy to get loans from private lenders, the administration told industry interests this week.
Some loans could involve the government taking an equity stake in the companies, a step toward the potential nationalization of the oil and gas sector and a prospect one industry official described to Politico Pro as “so crazy.”
In a conference call with the North Dakota Petroleum Council, Energy Secretary Dan Brouillette said he and Treasury Secretary Steven Mnuchin had briefed President Trump on potential aid plans, and that Mnuchin was “leaning” towards using emergency loans and bridge loans to help the industry.
North Dakota oil magnate Harold Hamm, one of Trump’s earliest and most prominent backers from the industry, has been hit by significant losses during the recent crisis for fracking companies.
“We’re not going to let our oil companies go get in trouble,” Trump told a press conference Wednesday, saying the industry was “one of the top on the list” in line for aid, according to The Hill.
