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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."