The deficits will be unbelievable
The problem with loaning money to oil companies is that you wont' get it back. These companies couldn't make money at $55 oil last year and they're going to lose it all at $20.
The only thing that loans would do is bailout banks or senior bondholders if you put the government behind them in the pecking order. However this is all going to be very, very difficult to get through Congress.
Trump may be trying some end-around but bailing out oil companies isn't even popular in Texas.
