Trump directs Mnuchin, Energy secretary to create plan to support oil, gas industries as selloff deepens

CNBC ^ | 4/21/2021 | Mike Calia

[tatown]

President Donald Trump on Tuesday ordered key figures in his administration to put together a plan to get funding to the struggling U.S. oil and gas industries as a historic selloff in crude continued.

“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 Tuesday morning, as West Texas Intermediate crude futures for May delivery again traded in negative territory.

[FreeReign]

President Trump has noted numerous times in the last few days that American producers don’t need government control to know when to cut production because they are market driven and have already inherently cut production

I never said that oil producers need to be told when to cut production.

... also, there’s no need to set import tariffs because the USA is a net EXPORTER of fossil fuel energy products

We are a net importer, but all of the oil that we purchase, both domestic and foreign (yes we still purchase foreign), is still controlled by the GLOBAL market price.

finally, the market determines the prices of fossil fuel energy products and does not need the interference of government command and control for that purpose, a situation that is fully understood by conservatives who those who believe in markets determining prices ...

President Trump has made it very clear, that if push came to shove, that he would protect any vital component of our economy, steel, medicines, oil...etc.. In addition to Trump, I think that most conservatives understand that.

[luv2ski]

That’s interesting. Where are you? I am in suburban Denver. I went to Costco this morning and it was fairly busy. The lines to check out were not as bad as they would normally be at 11 am but people had a TON of stuff in their baskets.

[NorthWoody]

I frequent the southeastern part of the Twin Cities metro area in Minnesota and nearby parts of western Wisconsin.

Walmarts, a large ‘mom n pop’ grocery, big-box home centers, convenience stores, all are plenty busy.

Wisconsin is sort of known for having bars in the middle of nowhere and I drive by a couple of them around supper time on my way home. There are always a few cars in their lots. Not as many as before, but they are getting some business.