The White House's brewing oil sector help

• But a number of Democrats and environmentalists oppose propping up the sector.

What's next: President Trump told reporters at the White House Wednesday that the plan would be announced "shortly." Bloomberg reports that Brouillette and Mnuchin have already briefed Trump on it.

Threat level: The latest sign of jeopardy for U.S. producers, many of whom were already struggling before the crash, comes via Reuters.

• "Chesapeake Energy Corp, the oil and gas exploration and production company that was at the forefront of the past decade’s U.S. shale boom, is preparing a potential bankruptcy filing as it grapples with an unprecedented rout in energy prices," Reuters reports.