Trump calls for cash injection for ailing U.S. drilling industry

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U.S. President Donald Trump said on Tuesday he has asked his government to come up with a way to inject cash into the ailing U.S. drilling industry to help it survive a historic collapse in global crude oil prices.

The comment comes as oil and gas companies from Texas to Wyoming struggle to stave off bankruptcy amid worldwide stay-at-home orders and business stoppages spurred by the coronavirus outbreak that have obliterated global demand for fuel.

“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 said on Twitter.

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