Energy Secretary Dan Brouillette. Photo: Bill Clark/CQ-Roll Call, Inc via Getty Images

Energy Secretary Dan Brouillette said in a Tuesday conference call that Treasury Secretary Steven Mnuchin is considering loans and emergency lending through the Federal Reserve for small- and medium-sized oil producers, Bloomberg reports.

Why it matters: The collapse in oil prices as the coronavirus pandemic crushes demand is creating financial jeopardy for many independent companies and industry layoffs are mounting.

  • 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.

Go deeper

Amy Harder, author of Generate
Aug 6, 2020 - Energy & Environment

Coronavirus hastens Big Oil's Atlantic divide on climate change

Illustration: Aïda Amer/Axios

The pandemic is accelerating a divide between European and American oil companies over climate change and clean energy.

Why it matters: Bottom lines and investor returns will be vastly different across the corporate spectrum depending on how aggressively the world tackles climate change in the coming decades.

Updated 47 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Politics: Americans feel Trump's sickness makes him harder to trustFlorida breaks record for in-person early voting.
  2. Health: The next wave is gaining steam.
  3. Education: Schools haven't become hotspots.
  4. World: Ireland moving back into lockdown — Argentina becomes 5th country to report 1 million infections.

Meadows confirms Trump's tweets "declassifying" Russia documents were false

Photo: Tom Williams-Pool/Getty Images

White House Chief of Staff Mark Meadows confirmed in court on Tuesday that President Trump's tweets authorizing the disclosure of documents related to the Russia investigation and Hillary Clinton's emails "were not self-executing declassification orders," after a federal judge demanded that Trump be asked about his intentions.

Why it matters: BuzzFeed News reporter Jason Leopold cited the tweets in an emergency motion seeking to gain access to special counsel Robert Mueller's unredacted report as part of a Freedom of Information Act request. This is the first time Trump himself has indicated, according to Meadows, that his tweets are not official directives.

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