Trump says energy industry poised to recover
The pandemic has caused fuel demand to plunge as travel stalls and people stay put
U.S. oil producers have taken a big hit during the coronavirus outbreak amid tumbling energy prices.
The pandemic has caused fuel demand to plunge as travel stalls and people stay put.
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President Trump tweeted words of encouragement to the industry.
The travel restrictions in cities have affected tens of millions of people. Flights, trains, buses, subways, and for-hire cars have also been suspended.
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Benchmark U.S. oil slid 7.7 percent on Thursday to settle at $22.60 a barrel. Goldman Sachs has forecast that it will fall well below $20 a barrel in the next two months because storage will be filled to the brim and wells will have to be shut in.