President Trump and his advisers are offering a barrage of increasingly urgent ideas for propping up faltering oil producers — but people in the industry are skeptical that anything will come of it
But even market-driven production cuts in the U.S. and planned reductions by Saudi Arabia and Russia have failed to offset the global collapse in demand, as the spread of Covid-19 has shrunk consumption by an estimated 20 million to 30 million barrels per day.
"The energy business is very important to me, and we're going to build it up," Trump told reporters on Friday. But skeptics in the industry say that would be all-but unworkable politically and financially. The government would have to buy enough shares in each company to control its production plan and would be saddled with the debt from businesses that had been in financial peril last year, when oil prices slipped to levels too low for many producers to earn a profit.
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