1
Elections 2024 / Re: Trump asks Big Oil for $1B in campaign cash
« Last post by banddag on Today at 11:13:23 pm »Do you have links????
https://www.politico.com/news/2020/10/27/trump-oil-gas-industry-432722
The oil industry’s fortunes have been withering on President Donald Trump’s watch, with dozens of oil companies falling into bankruptcy as weak crude prices take a toll on the sector he contends would be abolished if he’s not reelected.
Though some of those industry woes were emerging last year as companies grappled with a glut of oil, people in the business say they were made worse by the president’s trade wars and mishandling of the coronavirus pandemic. So far least 40 U.S. oil companies have sought bankruptcy protection in 2020 while dozens of others have slashed spending and cut tens of thousands of jobs.
Oil prices have risen sharply over the last few months. Normally, that's a recipe for a drilling frenzy from U.S. oil producers. But something strange is happening, or rather, not happening.
"U.S. producers are actually being restrained at the moment," says Helima Croft, global head of commodities strategy at RBC Capital Markets. "They are trying to be disciplined."
Oil companies are under a lot of pressure to keep their production down. And the call is coming from inside the house: it's oil investors who are pushing for companies to pump less oil.