Oil Industry Denies Bailout

Oil Industry Denies Bailout

(AmericanProsperity.com) – After oil prices dropped to multi-year lows on Monday, the Trump administration signaled it was reviewing solutions to financially protect oil producers. Some of the numerous options could include direct financial assistance, tax credits, or tariff reductions.

Later in the day on Monday, American Petroleum Institute (API) CEO, Mike Summers, denied being in discussions with the administration, or that members were even interested in asking for any assistance from the government.

Instead of seeking assistance, Summers said the industry is focused on long-term fundamentals over short-term concerns. He stressed that producers have seen cycles like this before and that there will be resilience in American oil markets.

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