Trump Vows to Support U.S. Drillers Amid Unprecedented Downturn [Yahoo! Finance News]
Phillips 66 (PSX)
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Source: Yahoo! Finance News
Trump Vows to Support U.S. Drillers Amid Unprecedented DownturnBloomberg) -- President Donald Trump convened an extraordinary gathering of the oil industry’s competing factions at the White House on Friday and vowed to support them as a global pandemic and oil-price war weigh on their markets.“We’ll get our energy back,” Trump said during a portion of Friday’s meeting that was open to reporters. “I’m with you 1,000%. It’s a great business, it’s a very vital business and honestly, you’ve been very fair. You’ve kept energy prices reasonable for a long period of time.”Trump has sought to broker a deal with Russia and Saudi Arabia to end an oil price war that sent crude futures plunging to 20-year lows by cutting back on production. That could boost prices and help drillers located in states such as Texas and Louisiana that are crucial to his re-election in the fall. Canada is also in talks with OPEC and the U.S. about the state of the global oil market.But there are deep divisions among
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