(NewsReady.com) – On April 20, for the first time in history, oil futures dropped below zero. Refineries have more crude than they need and distributors are paying people to take excess stocks of oil. Naturally, the news is creating massive shockwaves in the oil industry, which directly affects the livelihood of oil workers. As a result, President Donald Trump is reassuring workers.
In March alone, the oil and gas industry removed 51,000 refining and drilling jobs, a 9% reduction. Reported job losses increase another 15,000 when taking into account tangential jobs like fossil fuel-related manufacturing, construction, and shipping.
Trump is now promising oil industry jobs “will be secured long into the future.”
We will never let the great U.S. Oil & Gas Industry down. 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!
— Donald J. Trump (@realDonaldTrump) April 21, 2020
The Energy Department came up with a plan to help. In order to compensate for oil companies ceasing production, the government is buying untapped crude reserves to add to its emergency stockpile. This oil will remain in the ground until it’s needed. Trump would also stop charging royalties for energy companies to produce oil and gas on federally-owned land and water.
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