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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Updated 1 hour ago - World

Trump admin: Jimmy Lai's arrest marks Beijing's "latest violation" on Hong Kong

Media tycoon Jimmy Lai at the Next Digital offices in Hong Kong in June. Photo: Anthony Wallace/AFP via Getty Images

National Security Adviser Robert O'Brien said in a statement Monday night the Trump administration is "deeply troubled" by the arrest of Hong Kong pro-democracy activist Jimmy Lai on suspicion of "collusion with foreign powers."

Why it matters: The arrest Monday of the most prominent person under the new national security law that gives Beijing more powers over the former British colony comes amid heightened tensions between the U.S. and China.

A big hiring pledge from New York CEOs

Illustration: Rebecca Zisser/Axios

Leaders of more than two dozen of the New York City area's largest employers — including JPMorgan Chase, Ernst & Young, IBM, McKinsey & Company and Accenture — aim to hire 100,000 low-income residents and people of color by 2030 and will help prep them for tech jobs.

Why it matters: As the city's economy has boomed, many New Yorkers have been left behind — particularly during the pandemic. The hiring initiative marks an unusual pact among firms, some of them competitors, to address systemic unemployment.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Global: Total confirmed cases as of 9:30 p.m. ET: 20,004,254 — Total deaths: 733,929 — Total recoveries — 12,209,226Map.
  2. U.S.: Total confirmed cases as of 9:30 p.m. ET: 5,088,516 — Total deaths: 163,400 — Total recoveries: 1,670,755 — Total tests: 62,513,174Map.
  3. Politics: Trump claims he would have not called for Obama to resign over 160,000 virus deathsHouse will not hold votes until Sept. 14 unless stimulus deal is reached.
  4. Business: Richer Americans are more comfortable eating out.
  5. Public health: 5 states set single-day coronavirus case records last week — A dual coronavirus and flu threat is set to deliver a winter from hell.
  6. Sports: The cost of kids losing gym class — College football is on the brink.
  7. World: Europe's CDC recommends new restrictions amid "true resurgence in cases."