Photo: Doug Mills-Pool/Getty Images

President Trump tweeted Tuesday that the Energy and Treasury departments will “formulate a plan” to help the oil and gas industry, which is imploding as a result of rock-bottom prices.

Reality check: Trump’s policy levers are limited in nature and cannot change the overall downward trajectory of oil prices, which have spiraled dramatically as the coronavirus has choked off demand for oil.

One level deeper: Trump renewed his push Monday for the government to buy roughly 75 million barrels of oil for the Strategic Petroleum Reserve — or, alternatively, offer part of the SPR as basically a rental storage unit for U.S. companies.

  • "This is a great time to buy oil," Trump said. Congress has not funded the effort thus far in its coronavirus relief bills.
  • Trump also touted plans to use the SPR as storage space. "We're going to ... either ask for permission to buy it, or we'll store it," he said.
  • The Energy Department last week said it's negotiating with nine companies to store roughly 23 million barrels of oil in the SPR.

What we’re watching: What kinds of policies are born out of Trump’s tweet.

  • Trump's reference to the Treasury Department indicates he may try to give some sort of fiscal or tax relief, which could help some companies but won’t provide an overall lift to the sector.
  • The president has also floated taxing imports of oil, which countries like Saudi Arabia are opposed to.

Go deeper

Ben Geman, author of Generate
Jul 29, 2020 - Energy & Environment

Trump heads to Texas oil patch as “dominance” agenda teeters

Data: FactSet; Chart: Axios Visuals

President Trump will tout his policy of "restoring energy dominance" in Texas oil country Wednesday, but market forces, OPEC and a raging pandemic are complicating his plans.

Driving the news: Trump's swing through the state today includes a visit in Midland to a Double Eagle Energy oil rig and speech on energy, and a fundraiser in Odessa.

Updated 52 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Global: Total confirmed cases as of 10:30 a.m. ET: 20,388,408 — Total deaths: 743,599— Total recoveries: 12,616,973Map.
  2. U.S.: Total confirmed cases as of 10:30 a.m. ET: 5,150,590 — Total deaths: 164,681 — Total recoveries: 1,714,960 — Total tests: 63,252,257Map.
  3. Business: U.S. already feeling effects of ending unemployment benefits — U.S. producer prices rose last month by the most since October 2018.
  4. Public health: America is flying blind on its coronavirus response.

Trump congratulates QAnon conspiracy theorist on GOP runoff win

Photo: Brendan Smialowski/AFP via Getty Images

President Trump on Wednesday tweeted congratulations to Marjorie Taylor Greene, a vocal QAnon conspiracy theorist who won the Republican nomination in Georgia's deep-red 14th Congressional District runoff.

Why it matters: The president's approval illustrates how the once-fringe conspiracy theory has gained ground within the GOP. Greene is among the at least 11 GOP candidates for Congress who have openly supported or defended the QAnon movement or some of its tenets, per Axios' Jacob Knutson.