News Formal

U.S. energy industry steps up lobbying for Fed's emergency aid: letters

  • 📰 Reuters
  • ⏱ Reading Time:
  • 30 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 15%
  • Publisher: 97%

Sverige Nyheter Nyheter

Sverige Senaste nytt,Sverige Rubriker

The U.S. energy industry has asked the Federal Reserve to change the terms of a $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.

FILE PHOTO: Federal Reserve Board building on Constitution Avenue is pictured in Washington, U.S., March 19, 2019. REUTERS/Leah Millis/File Photo

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. Lee Fuller, executive vice president of IPAA, told Reuters the organization wanted to ensure that the oil and gas industry got fair access to the federal resources.

Whiting Petroleum Corp was the first casualty among publicly traded producers, filing for bankruptcy protection on April 1. Other companies have also hired restructuring advisers.

 

Tack för din kommentar. Din kommentar kommer att publiceras efter att ha granskats.

My first question would be “how much have you spent on buybacks in the past 10 years?”

Oh I see.

Vi har sammanfattat den här nyheten så att du kan läsa den snabbt. Om du är intresserad av nyheterna kan du läsa hela texten här. Läs mer:

 /  🏆 2. in SE

Sverige Senaste nytt, Sverige Rubriker