Donald Trump announced on Tuesday have asked the administration to develop a plan for emergency aid to the industry of gas and oil, hit by the steep drop in prices of black gold.
“We never let fall our great american component of the oil and gas,” promised the u.s. president in a tweet, in which he announced that the minister of Energy and the secretary of the Treasury mission is ” to make funds available for these very important companies and the jobs are guaranteed for a long time in the future “.
With the containment measures imposed to stop the spread of Covid-19, the transport, as the plants were frozen a little bit everywhere in the world and energy demand collapsed. But the production has not declined as much.
Result : due to a lack of storage space sufficient in the United States, a barrel to new york’s West Texas Intermediate for may delivery, which is the last day of trading, closed on Monday at about -38 dollars, investors are willing to pay to get rid of their contract gold black.
The other contracts of WTI or Brent, listed in London, have also lost more than two-thirds of their value since the beginning of the year.
This historic fall in the price of a barrel of crude oil u.s. is increasing the pressure on an oil industry already under high tension in the United States, the bankruptcy and you will see hundreds of companies heavily indebted.
Whiting Petroleum Corporation, specialized in the deposits of shale in North Dakota and in Colorado (west), has deposited the balance sheet at the end of April.
And several of the large major oil companies have also drastically reduced their spending.