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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.

A tweet previously embedded here has been deleted or was tweeted from an account that has been suspended or deleted.

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.

White House aims to protect workers from extreme heat

Two pear pickers in Hood River, Oregon on August 13, 2021. (Michael Hanson/AFP via Getty Images)

The White House announced a slew of actions Monday, including the start of a rule-making process at the Occupational Safety and Health Administration (OSHA), to protect American workers from extreme heat.

Driving the news: The U.S. just had its hottest summer on record, with triple-digit-temperatures killing hundreds in the Pacific Northwest and exposing outdoor workers to dangerous conditions.

Robert Costa: Gen. Mark Milley "was not going rogue" with China calls

Washington Post journalist Robert Costa on Monday said in an interview with ABC's Good Morning America that Joint Chiefs Chairman Mark Milley "was not going rogue" when told his Chinese counterpart that the U.S. would not launch a surprise attack.

Driving the news: President Biden last week expressed "great confidence" in Milley after excerpts released from Costa's and Bob Woodward's book "Peril" revealed calls where Milley admits he would let China know ahead of time if former President Trump decided to attack.