Trump to meet with oil industry CEOs amid price drop

Getty

President Trump will meet with oil industry leaders at the White House on Friday to discuss efforts to help the industry as companies feel the impact of a massive drop in prices.

Executives from Exxon Mobil, Chevron, Occidental Petroleum and Continental Resources plan to meet with Trump.

The planned meeting was first reported by The Wall Street Journal and Trump confirmed at a White House press briefing Wednesday evening he’d be discussing the price war between Russia and Saudi Arabia with the executives.

“I’m going to meet with the oil companies on Friday,” he said. “I’m going to meet with independent oil producers also on Friday, or Saturday, maybe Sunday. We’re having a lot of meetings on it.” 

The price of oil has spiraled to around $20 a barrel, the lowest figure in two decades.

In addition to a drop in demand created by the coronavirus outbreak, Russia and Saudi Arabia’s oil price war has flooded the market with excess supply, pushing prices even lower.

It is believed that Trump will discuss a variety of possible solutions with the company heads, including a tariff on Saudi Arabian oil and a waiver that would allow non-American ships to transport goods, such as oil, between two U.S. ports, according to the Journal.

The waiver would allow oil from the Gulf Coast to be shipped to both the East and West coasts, which have been deluged with oil from Saudi Arabia.

The Journal reports that such waivers typically run for about 10 days and have been used by the federal government before during emergency situations.

– Morgan Chalfant contributed.

Tags Coronavirus Donald Trump Russia Saudi Arabia Tariffs United States

Copyright 2024 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed..

Main Area Top ↴

ovp - video bin

Kelly Rizzo shares details about launching Comfort Club

Kelly Rizzo shares details about launching Comfort ...
Debbie Allen talks 'Grey's Anatony' and her new ...
Fiona Rene shares the unique way she gets into ...
Taylor Krause says her 'brain geunuinely ...
Bethany Joy Lenz opens up about surviving a cult
Dafne Keen shares what it was like on the set of ...
More Videos
Main Area Middle ↴
Main Area Bottom ↴

Most Popular

Load more

Video

See all Video