They're going to bail out oil companies
Trump said he wants to help energy companies and now Mnuchin is out with this:
- Looking at several options for oil & gas industry
- Can be assumed that Trump admin is looking at government taking stakes in energy companies as one option
I expect this will be very difficult to get through Congress, in particular because major oil companies don't want or need money; what they want is smaller companies to go bankrupt so they can buy the parts for pennies on the dollar. On the other side, Continental Resources CEO and huge Trump donor Howard Hamm has been campaigning for six weeks for a bailout.
Update:
Trump is talking further about energy and says he thinks Russia and Saudi could make further cuts but it will be a natural process. He said that Texas and Oklahoma are cutting production and so is Canada. Does he know something about Texas that we don't?
