"I have instructed the Secretary of Energy and Secretary of the Treasury to formulate a plan which will make funds available so that these very important companies and jobs will be secured long into the future!"
The culprit was slowing demand for oil as the coronavirus pandemic hammers global economic growth, along with a supply glut fueled by a price war between Saudi Arabia and Russia that's caused crude storage in the US to grow scarce.An agreement struck last week between OPEC and other major oil producers to cut just under 10 million barrels per day of production seemed unable to reassure traders.
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