The Trump administration has proposed a federal oil bailout to save struggling American oil producers, but a bailout is unlikely to have an effect on oil production levels, according to E&E News.
It is estimated that American oil demand fell by 30% in April. As oil reserve tanks fill up, it is becoming more clear that a federal bailout is not a long-term solution.
“Propping up zombie E&PS is not a path to a healthier shale E&P industry,” tweeted Arjun Murti, a ConocoPhillips board member. E&Ps is in reference to exploration and production firms.
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