'''US Oil Industry not concerned about yesterday's drop in oil p

prices'''

Oil industry 'not asking' for bailout from Trump, trade group chief says

by Josh Siegel | March 09, 2020 06:57 PM

The leader of the largest U.S. oil and gas trade group said the industry is not interested in receiving aid from the Trump administration to help overcome a historic drop in oil prices on Monday.

“We are not in discussions with anyone in the administration at this time on any type of program for the industry,” said Mike Sommers, the CEO of the American Petroleum Institute, in response to a question from the Washington Examiner on a press call. “We believe we shouldn’t be reacting to one day of a market downturn.”

Sommers added he has spoken to a number of API members and that the consensus is, "They are not asking for anything from the government.”

The Trump administration is reportedly considering giving assistance to industries affected by the economic fallout from the coronavirus.

There is “a lot of concern” among oil and gas companies about the prospect of $30 per barrel oil, a level at which Sommers said producers would not be profitable.

But, he said, “We are focused on long-term fundamentals” that show continued strong demand for oil and gas in future decades.

“American producers are very resilient,” Sommers said. “They have seen these kind of cycles before. You will continue to see a lot of resilience in the American oil markets.”

https://www.washingtonexaminer.com/policy/energy/oil-industry-not-asking-for-bailout-from-trump-trade-group-chief-says