Coronavirus fears are driving the massive Wall Street sell-off, but turmoil in the oil market is also contributing to the instability. Even with demand falling due to the virus, Saudi Arabia is increasing production in order to drive prices down. Their goal is to drive American energy producers – particularly fracking shale producers out of business.
So how dire is the financial condition for U.S. energy producers and what is the Trump administration considering to help these companies?
American Petroleum Institute President Mike Sommers details what’s on the table and why he doesn’t want any federal interference in the energy market. He also explains what government action would do some good and why the energy industry is built for the long haul.