A group of 11 U.S. Senators is calling on the Trump administration to make loans accessible to domestic energy producers in an effort to protect American jobs associated with the industry.
“We are alarmed at the acceleration of the economic crisis and its impact on the nation’s energy security in the oil and gas sector,” the Senators said in an April 21 letter to Treasury Secretary Steven Mnuchin and Jerome Powell, chairman of the Board of Governors of the Federal Reserve System.
“While we applaud the needed intervention by the administration that led to OPEC’s recent production cuts, the action, slated to begin in May, needs additional support to prevent real and lasting damage to this critical area of the economy…
“Our energy producers should not be unfairly excluded from credit due to an arbitrary date and their viability should be protected with enhanced support for their credit and access to capital. Assisting these companies could be the difference between maintaining our domestic energy production and workforce or shedding more U.S. jobs and returning to dependence on foreign sources of oil.”
The letter was signed by 11 Republican Senators, including Lisa Murkowski (R-AK), chairman of the Energy and Natural Resources Committee, along with Sens. Keven Cramer (R-ND), Dan Sullivan (R-AK), John Barrasso (R-WY), Steve Daines (R-MT), John Hoeven (R-ND), Cindy Hyde-Smith (R-MS), Jim Inhofe (R-OK), Mike Enzi (R-WY), Roger Wicker (R-MS) and Ted Cruz (R-TX).
Also on Tuesday, President Trump tweeted that he had instructed Mnuchin and Energy Secretary Dan Brouillette “to formulate a plan which will make funds available so that these very important companies and jobs will be secured long into the future,” referring to the oil and gas industry.
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