Treasury Secretary Steven Mnuchin. Photo: Win McNamee / Staff

Treasury Secretary Steven Mnuchin said Thursday that oil companies are eligible for aid from new lending programs the Federal Reserve is setting up, but not direct loans from his department.

Why it matters: U.S. producers are facing financial distress from the price collapse that stems from COVID-19 causing an unprecedented drop in oil demand, and the Saudi-Russia price war.

Driving the news: GOP Sen. Lisa Murkowski of Alaska, who heads the Energy Committee, on Wednesday sent Mnuchin a letter urging him to consider the industry for loans under the recently signed $2.2 trillion economic rescue bill.

Where it stands: Mnuchin, when asked about her request at a White House briefing, said he has "very limited ability to do direct loans out of the Treasury," and that he can provide only for specific sectors including airlines and national security companies.

But he added: "Outside of that, we work with the Federal Reserve to create broad-based lending facilities, which we will do."

"Our expectation is the energy companies, like all our other companies, will be able to participate in broad-based facilities, whether it's the corporate facility or whether it's the Main Street facility."
— Treasury Secretary Steven Mnuchin

Go deeper

Jul 11, 2020 - Health

We're losing the war on the coronavirus

Chart: Danielle Alberti/Axios

By any standard, no matter how you look at it, the U.S. is losing its war against the coronavirus.

Why it matters: The pandemic is not an abstraction, and it is not something that’s simmering in the background. It is an ongoing emergency ravaging nearly the entire country, with a loss of life equivalent to a Sept. 11 every three days — for four months and counting.

Jul 11, 2020 - World

India reimposes lockdowns as coronavirus cases soar

Medical workers processing coronavirus tests on July 11 in Ahmedabad. Photo: Sam Panthaky/AFP via Getty Images

India is set to reinstate mandatory lockdowns for cities as medical facilities across the country are strained due to a recent surge in new coronavirus infections, the New York Times reports.

Why it matters: Roughly four months ago, India's Prime Minister Narendra Modi announced a national lockdown to prevent the spread of the virus, hoping to avoid the large-scale crisis it's now experiencing.

Updated 3 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 5 a.m. ET: 18,093,891 — Total deaths: 689,625 — Total recoveries — 10,700,077Map.
  2. U.S.: Total confirmed cases as of 5 a.m. ET: 4,667,957 — Total deaths: 154,860 — Total recoveries: 1,468,689 — Total tests: 56,812,162Map.
  3. Public health: U.S. has entered new phase of pandemic, says Birx.
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  5. World: Eid al-Adha celebrated, in photosLeading Indian politician tests positive.
  6. Education: Every minute of the school day looks a lot different in a pandemic.