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Photo: Win McNamee/Getty Images

President Trump is slated to meet Friday with top executives of large oil companies to discuss potential ways to help the sector that's facing strong economic headwinds as prices and demand have collapsed, according to industry sources familiar with the plan.

Driving the news: The White House is inviting the heads of Exxon, Chevron and the big independent Occidental Petroleum, and Continental Resources executive chairman Harold Hamm, per the Wall Street Journal, which first reported the plan.

  • Bloomberg reports that the meeting is also opened up to executives from Devon Energy, the refiner Phillips 66 and pipeline company Energy Transfer Partners.

Why it matters: The planned meeting is the latest manifestation of prices that have fallen to their lowest levels in roughly two decades, as COVID-19 freezes huge amounts of travel and economic activity.

The White House did not provide comment.

Where it stands: The WSJ, citing people familiar with the planned meeting, reports:

"Mr. Trump and the executives are set to discuss potential aid to the industry, including tariffs on oil imports into the U.S. from Saudi Arabia, and a waiver of a law that requires American vessels be used to transport goods, including oil, between U.S. ports."

But, but, but: The industry is not unified on what types of policy measures should be implemented or would have a meaningful effect. In particular, the WSJ, citing people familiar with the matter, notes that, "Only Mr. Hamm supports oil tariffs."

Go deeper

House will transmit article of impeachment to Senate on Monday, Schumer says

Photo: Drew Angerer/Getty Images

Senate Majority Leader Chuck Schumer (D-N.Y.) announced that the House will deliver the article of impeachment against former President Trump for "incitement of insurrection" on Monday.

Why it matters: The Senate is constitutionally required to begin the impeachment trial at 1 p.m. the day after the article is transmitted. Minority Leader Mitch McConnell (R-Ky.) had been pushing for the trial to begin in mid-February, arguing that it will force the Senate to delay other important business.

This story is breaking news. Please check back for updates.

Dan Primack, author of Pro Rata
10 mins ago - Politics & Policy

Private equity bets on delayed tax reform in Biden administration

Illustration: Brendan Lynch/Axios

In normal times, private equity would be nervous about Democratic Party control of both the White House and Congress. But in pandemic-consumed 2021, the industry seems sanguine.

Driving the news: Industry executives and lobbyists paid very close attention to Treasury Secretary nominee Janet Yellen's confirmation hearings this week, and came away convinced that tax reform isn't on the near-term agenda.

Ben Geman, author of Generate
1 hour ago - Politics & Policy

New Energy Department roles look to animate Biden's campaign themes

Illustration: Annelise Capossela/Axios

The burst of Biden administration staffing picks announced yesterday revealed that the Energy Department (DOE) has newly created roles that reflect what President Biden called campaign priorities.

Driving the news: One new position is "director of energy jobs," which is being filled by Jennifer Jean Kropke. She was previously the first director of workforce and environmental engagement with Local 11 of the International Brotherhood of Electrical Workers.