Trump to Meet With Oil CEOs about Helping Industry
April 01 2020 - 2:20PM
Dow Jones News
By Christopher M. Matthews and Timothy Puko
President Trump is set to meet Friday with the heads of some of
the largest U.S. oil companies to discuss government measures to
help the industry weather an unprecedented oil crash, people
familiar with the matter said.
The meeting is to take place at the White House and will include
Exxon Mobil Corp. Chief Executive Darren Woods, Chevron Corp. Chief
Executive Mike Wirth, Occidental Petroleum Corp. Chief Executive
Vicki Hollub and Harold Hamm, executive chairman of Continental
Resources Inc., the people said.
The U.S. oil and gas industry has been pummeled recently by the
dual shock of plummeting oil demand because of the coronavirus
pandemic and surging supply as Russia and Saudi Arabia are locked
in a price war and flood the market with crude.
Oil prices plunged this week to just above $20 a barrel, the
lowest level in nearly two decades.
Mr. Trump and the executives are set to discuss potential aid to
the industry, including tariffs on oil imports into the U.S. from
Saudi Arabia, and a waiver of a law that requires American vessels
be used to transport goods, including oil, between U.S. ports,
according to two of the people.
But the oil industry isn't unified in its support for some of
the measures, the people familiar with the matter said. Only Mr.
Hamm supports oil tariffs, according to the people. A temporary
waiver of the Jones Act, which would allow U.S. ships to transport
oil around the country, could represent a compromise and earn the
backing of the other companies, one of the people said.
Such a waiver would allow U.S. oil to be shipped from the
petrochemical hub on the Gulf Coast to markets on the East Coast
and Washington state, which are currently being flooded with
imports from Saudi Arabia. The U.S. has previously granted such
waivers, typically for about 10 days, during other emergencies.
(END) Dow Jones Newswires
April 01, 2020 14:05 ET (18:05 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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