Coronavirus Relief Efforts To Help Energy Industry Stall On Capitol Hill


How should the United States helped the energy business? The oil industry has more petroleum that it can sell. The solar industry warns that up to half. Its jobs could be lost this year and rescue efforts in has so far stalled. Npr's Jeff Brady is on the line from Philadelphia. Jeff Good Morning Good Morning. What is the president promising to do for the energy industry well? He has instructed the secretaries of Energy and Treasury to come up with a plan to make money available specifically to the oil and gas industry. It's not really clear what that means. A Treasury Secretary Steven Mnuchin says the administration is looking at federal loans for the oil industry. There's been talk of the government. Buying a bunch of oil. The Energy Department already is making space available for lease in the Strategic Petroleum Reserve and that takes oil off the market. That's pretty important now. Because there's a huge glut of crude around the world. Demand is way down people aren't traveling and part of that. Glut of oil is coming from other countries like Saudi Arabia. And there's also been talk putting anti dumping tariffs on that oil but none of these ideas have really gained any traction themselves. Maybe part of the problem is there's so many different ideas. But what does the industry itself want? And that is even difficult to answer. Because it's not one monolithic oil industry in this country. There are hundreds of companies of different sizes. They have competing interests for example. Some of them would like to see reduced federal royalties for drilling in the Gulf of Mexico Mexico or on federal land but that really does nothing for drillers in South Texas who are working on private land they might prefer government loans. A few states are taking action on their own. Texas and Oklahoma are considering mandatory production cuts. That would be pretty extraordinary. Some states are giving oil companies more time to pay taxes One of those states is Louisiana. That is where the Democratic Governor John Bel Edwards. He expressed frustration the Just last week that the oil industry wasn't included in some of these federal relief packages. Obviously that would be helpful to the industry and it'd be helpful to stay slack Louisiana That are is relying on that particular industry and economic sectors. We are at one point. Congress did consider appropriating three billion dollars Philip. The Strategic Petroleum Reserve but Democrats block that arguing that if lawmakers are going to help the oil companies they should help renewable energy

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