"The Trump administration is looking at offering two lines of credit to help the beleaguered oil and gas industry as it reels from historically low prices sparked by the global coronavirus pandemic.
Energy Secretary Dan Brouillette outlined the plan in a call Tuesday with the North Dakota Petroleum Council (NDPC), telling producers that the administration is considering lending facilities with the Treasury Department and the Federal Reserve for loans to "help the industry through this pandemic."
No final decisions have been made, but Brouillette said he hopes for a launch "within a day or two," and President Trump said yesterday said he expects assistance to the industry "shortly." The loans would possibly require the government to take partial ownership of companies that seek a loan — as it did when it bailed out U.S. automakers in 2008 — a complication that some oil companies may not want."
Lesley Clark reports for Energywire April 30, 2020.
SEE ALSO:
"Fed's Expanded Lending Program Opens Funding To Oil And Gas Industry" (The Hill)
"Fed Opens Door for Oil Company Loans After Lobbying Push" (Bloomberg Environment)
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