HOUSTON — President Donald Trump has tweeted that he plans on providing funds to help the oil and gas industry, which has suffered in recent days due to historically low oil prices.
Oil futures went into the red yesterday due to oversupply as well as a lack of demand as the COVID-19 pandemic continues.
"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!" Trump tweeted earlier this morning.
Stocks are falling in midday trading on Wall Street and the collapse in oil prices is deepening as the economic carnage caused by the coronavirus pandemic turns markets upside down.
The S&P 500 was down 3.2 percent and headed toward its second straight day of losses Tuesday. Markets across Europe and Asia had similar drops.
Oil prices continued their collapse as traders survey a global economy incapacitated by the virus, which doesn’t need as much fuel to burn.
Treasury yields fell, meaning investors are willing to get paid even less to get the safety of owning a U.S. government bond.
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