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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."

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Axios Re:Cap digs into the state of global vaccine development — including why the U.S. and China seem to going at it alone — with medicinal chemist and biotech blogger Derek Lowe.

Updated 52 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: Large coronavirus outbreaks leading to high death rates — Coronavirus cases are at an all-time high ahead of Election Day.
  2. Politics: Top HHS spokesperson pitched coronavirus ad campaign as "helping the president" — Space Force's No. 2 general tests positive for coronavirus.
  3. World: Taiwan reaches a record 200 days with no local coronavirus cases — Europe faces "stronger and deadlier" wave.
  4. Sports: Boston Marathon delayed MLB to investigate Dodgers player who joined celebration after positive COVID test.
Felix Salmon, author of Capital
Updated 2 hours ago - Economy & Business

How central banks can save the world

Illustration: Aïda Amer/Axios

The trillion-dollar gap between actual GDP and potential GDP is a gap made up of misery, unemployment, and unfulfilled promise. It's also a gap that can be eradicated — if central banks embrace unconventional monetary policy.

  • That's the message from Eric Lonergan and Megan Greene, two economists who reject the idea that central banks have hit a "lower bound" on interest rates. In fact, they reject the idea that "interest rates" are a singular thing at all, and they fullthroatedly reject the idea — most recently put forward by New York Fed president Bill Dudley — that the Fed is "out of firepower."

Why it matters: If Lonergan and Greene are right, then central banks have effectively unlimited ammunition in their fight to increase inflation and employment. They are limited only by political will.