Trump is going to use the coronavirus outbreak to push for federal assistance for oil and natural gas companies to boost the stock market.
The White House is strongly considering pushing federal assistance for oil and natural gas producers hit by plummeting oil prices amid the coronavirus outbreak, as industry officials close to the administration clamor for help, according to four people familiar with internal deliberations.
President Trump has touted the growth of oil and natural gas production under his administration, celebrating their rise in politically crucial swing states such as Pennsylvania. But many oil and gas firms were hammered Monday by the price war that broke out between Saudi Arabia and Russia, driving oil prices down in their steepest one-day drop in almost 30 years.
A president who can’t get an adequate number of test kits out to healthcare providers as America faces a pandemic is rushing to give his pals in the oil and natural gas industry a federal bailout because he is worried about the stock market and how their downturn will impact his reelection chances.
The worst possible step that Trump could take would be to bail out the oil and gas industry while Americans are dying due to a bungled coronavirus response. If Trump was looking for a single decision that would confirm to voters that he doesn’t care about them, bailing out oil and natural gas instead of providing paid leave to those who are sick or quarantined due to the coronavirus is the way to go.
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