Global economy in turmoil amid coronavirus crisis
American businesses – especially in the petroleum sector – suffered a heavy blow due to the collapsing oil markets during the past week, as the global pandemic has resulted in a dramatic drop in crude oil prices around the world.
“We will never let the great US 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 said via Twitter.
The news comes as Democratic Senate Minority Leader Chuck Schumer announced that there will be a deal between legislators on coronavirus funding.
The upper chamber of the US Congress is expected to approve a bill on economic measures to curb the crisis later in the day.
This attempt to boost the American economy comes as May futures for WTI crude fell to negative prices two times over the course the past few days, with other major oil brands also suffering from the severe collapse of demand on the international markets.
On 20 April, WTI closed at minus $37.63 per barrel, with virtually zero buyers turning up for prompt delivery oil.
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