The U.S. energy industry has asked the Federal Reserve to change the terms of a US$600 billion lending facility so that oil and gas companies can use the funds to repay their ballooning debts, according to a letter seen by Reuters.
The terms of that and other federal assistance schemes are under growing scrutiny amid worries that insufficient conditions are being placed on borrowers and banks may dish out funds to companies without the greatest need for the cash. Tens of thousands of workers have been furloughed by American energy companies in recent weeks, including Halliburton Co, Schlumberger NV and Apache Corp, as producers have slashed spending.
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