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Senate Passes $500 Million Loan Guarantees

Senate Passes $500 Million Loan Guarantees

The U.S. Senate has approved a bill including $500 million in loan guarantees for independent oil and gas producers and the petroleum service industry. The loan guarantee program is part of H.R. 1664, which is now on its way to a House/Senate conference committee. The product of that committee will then be sent back to both houses for ratification. The bill drew praise from the Independent Petroleum Assoc. which called it a "tool that America's oil and gas producers will be able to use to help them recover from the recent devastating period of low oil prices." The group credited Sen. Pete Dominici, R-NM for leading the initiative. Under the program 85% of the loans of up to $10 million will be covered by a government-backed repayment guarantee. The bill also establishes a $1 billion loan program for the steel industry.

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