The Absurdity Of Trump’s Bid To Bail Out The Oil And Gas Industry

The Absurdity Of Trump’s Bid To Bail Out The Oil And Gas Industry

As the Trump administration considers aid for companies hurt by the coronavirus pandemic, it'll be difficult to defend including oil drillers and gas frackers.. In response, the Trump administration , which has aggressively bolstered the oil and gas sector, this week began "strongly considering" offering low-interest government loans to drillers, The Washington Post reported Tuesday.. Legal experts said the industries may be an easier sell than assisting the oil industry.. From 2015 to 2016, the market research firm Moody's estimated , a whopping 91% of all corporate debt defaults in the country were in the oil and gas sector.. The industry carries important symbolism for the Trump administration, which cast its efforts to deregulate and expand the industry as vital to its nationalist agenda.. Despite 30% increases in productivity over the past two years, employment in the industry has remained flat since May 2018, Crooks said.. Investors flocked to some small fracking companies that primarily drill for gas, not oil, under the theory that, in the short term, oil giants might scale back production.. United Nations scientists determined in 2018 that the world had to halve emissions by 2030 to maintain a