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Photo: Paul Ratje/AFP/Getty Images

Federal Reserve Bank of Dallas President Robert Kaplan told Yahoo Finance Wednesday that he expects a substantial number of bankruptcies in the U.S. oil sector despite the recently expanded access to Fed's Main Street Lending Facility.

How it works: "[T]hat program will be designed for companies that would be already be creditworthy," said Kaplan, whose district has a large number of energy companies.

  • "If you're a company on the other hand, that is more highly leveraged than that, concerned about insolvency and other credit issues ... it's not going to be able to access those programs."
  • "And there will be a substantial number of bankruptcies, restructurings that are going to have to happen, because so much of production is being shut in."

What we're watching: Other policy levers the Trump administration may try and use to prop up battered domestic producers.

Go deeper: Whiting Petroleum files for bankruptcy as coronavirus takes a bite out of the economy

Go deeper

Aug 14, 2020 - World

Spain introduces new coronavirus restrictions as cases surge

Madrid's health minister Enrique Ruiz Escudero. Photo: Jesus Hellin/ Europa Press via Getty Images

Spain's government announced Friday that it will shut down nightclubs, ban public smoking and restrict nursing home visits as coronavirus cases climb in the country, per the AP.

The state of play: Spain's daily cases have almost reached the highs seen in March and April when the country was one of Europe's worst-hit, per Johns Hopkins data. So far during this surge, the nation's reported deaths are nowhere near the rate seen in the spring.

Aug 14, 2020 - Health

California passes 600,000 confirmed coronavirus cases

A healthcare worker in Los Angeles handling a coronavirus test on. Aug 11. Photo: Mario Tama/Getty Images

California reported almost 8,000 new coronavirus cases on Friday, bringing the state's tally to more than 600,000 since the pandemic began, according to the state's Department of Public Health.

Why it matters: California is the first state to surpass the 600,000-case milestone. It also reported 188 deaths associated with the virus on Friday, bumping its total to almost 11,000 — the third-highest death toll in the U.S. behind New York and New Jersey, according to Johns Hopkins University.

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