President Trump on Tuesday proposed establishing a relief fund for the oil and gas industry after oil prices plunged to below $40 a barrel as the coronavirus pandemic continues to wreak havoc on the world’s economy.
“We will never let the great U.S. Oil & Gas Industry down. 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 wrote on Twitter without going into detail.
Trump’s post came just moments after the markets opened lower, as the demand for oil falls, businesses remain shuttered and people continue to remain in their homes and off the roads.
Major US stock indexes were down about 2 percent in early trading.
Crude oil prices plunged below zero for the first time in history on Monday.
The May futures contract for West Texas Intermediate crude, which is set to expire Tuesday, settled at negative $37.63 per barrel — down $55.90 or more than 300 percent, Monday afternoon.