"A plan being weighed by Treasury Secretary Steven Mnuchin to steer financial aid to beleaguered oil drillers could set up a clash with Democrats who have warned against any bailout for the industry.
Mnuchin said he is considering a lending program for the companies that are seeking aid as they cope with a devastating plunge in prices.
“One of the components we’re looking at is providing a lending facility for the industry,” Mnuchin told Bloomberg News on Thursday. “We’re looking at a lot of different options and we have not made any conclusions.”
Taking a stake in oil companies was one of many options the White House was examining, Mnuchin told reporters Friday."
Jennifer A. Dlouhy, Ari Natter, and Saleha Mohsin report for Bloomberg April 24, 2020.
SEE ALSO:
"Trump Criticizes Banks Withholding Funds From Certain Fossil Fuel Projects" (The Hill)
"Top Lawmakers Vow To Secure Industry Aid Amid 'Tectonic Shift'" (E&E Daily)
"Here's What An Oil Bailout Could Mean For Emissions" (Climatewire)
"Documents Show Intense Energy Lobbying On Stimulus" (E&E Daily)
"America’s Fracking Boom Founders As Global Prices And Demand Collapse" (Guardian)
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