Donald Trump pledges to 'never let oil industry down' as prices plunge

As plunging oil prices in United States sent shock waves around world, US President Donald Trump has pledged on April 21 that his government “will never let  industry down”. Trump took to Twitter to inform that he has asked Secretary of Energy and US Treasury Department to put toger a strategy to make funds available for struggling industry amid coronavirus outbreak. 

For first time in history, price of US benchmark crude to be delivered in May plunged as low as -$37.63 while stor capacity reached its maximum limits, implying that sellers are w giving money to buyers to take commodity from m. Even though prices jumped back to $1.10 for a barrel in a matter of a few hours, global crude oil prices still remain at an all-time low.

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Plan to re-open US

While Oil and Gas Industry of US received a "historic" blow of coronavirus impact, in belief that coronavirus outbreak has “passed peak”, Trump has anunced a three-phase plan to re-open America for “rejuvenation of ecomy” on April 17. Giving most control over decision to state goverrs, Trump administration has chosen to shelter more vulnerable individuals from risk of contracting COVID-19 disease, instead of continuing "blanket shutdown". White House has released entire plan in three phases based on state or regional “gating criteria”. 

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