Sign up for our daily briefing
Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.
Catch up on the day's biggest business stories
Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter
Sign up for Axios Pro Rata
Dive into the world of dealmakers across VC, PE and M&A with Axios Pro Rata. Delivered daily to your inbox by Dan Primack and Kia Kokalitcheva.
Sports news worthy of your time
Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.
Tech news worthy of your time
Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.
Get the inside stories
Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Want a daily digest of the top Denver news?
Get a daily digest of the most important stories affecting your hometown with Axios Denver
Want a daily digest of the top Des Moines news?
Get a daily digest of the most important stories affecting your hometown with Axios Des Moines
Want a daily digest of the top Twin Cities news?
Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities
Want a daily digest of the top Tampa Bay news?
Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay
Want a daily digest of the top Charlotte news?
Get a daily digest of the most important stories affecting your hometown with Axios Charlotte
Want a daily digest of the top Nashville news?
Get a daily digest of the most important stories affecting your hometown with the Axios Nashville newsletter.
Want a daily digest of the top Columbus news?
Get a daily digest of the most important stories affecting your hometown with the Axios Columbus newsletter.
Want a daily digest of the top Dallas news?
Get a daily digest of the most important stories affecting your hometown with the Axios Dallas newsletter.
Want a daily digest of the top Austin news?
Get a daily digest of the most important stories affecting your hometown with the Axios Austin newsletter.
Want a daily digest of the top Atlanta news?
Get a daily digest of the most important stories affecting your hometown with the Axios Atlanta newsletter.
Want a daily digest of the top Philadelphia news?
Get a daily digest of the most important stories affecting your hometown with the Axios Philadelphia newsletter.
Want a daily digest of the top Chicago news?
Get a daily digest of the most important stories affecting your hometown with the Axios Chicago newsletter.
Sign up for Axios NW Arkansas
Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters
Want a daily digest of the top DC news?
Get a daily digest of the most important stories affecting your hometown with the Axios DC newsletter.
Photo: Jim Watson/Getty Images
President Trump inched closer to supporting tariffs on oil imports on Saturday as one way to help the industry in historic turmoil over rock-bottom prices.
Why it matters: More than 70 oil companies could go bankrupt in the coming months, consultancy Rystad Energy said Friday, if U.S. oil prices are around $30 a barrel — which is above where they’ve been lately.
Driving the news: “If I have to do tariffs on oil coming from outside or something to protect tens of thousands of energy workers in our great companies that produce these jobs, I will do what I have to do,” Trump said at Saturday’s briefing.
Between the lines: His comments represent a shift toward supporting such a move, one of the more aggressive steps the government could take, compared to Friday’s briefing.
The big picture: As the coronavirus pandemic threatens lives around the world, it’s shutting down a global economy driven by oil consumption. This, along with a related price war between Saudi Arabia and Russia, is sending oil prices into a tailspin and producers are scrambling to stay afloat.
- Trump and his administration have been prodding Saudi and Russian officials to strike a deal to cut production and raise prices.
The intrigue: While all oil companies are suffering under cheap prices, bigger producers don’t support tariffs or other measures where the government would directly intervene in oil markets. Officials regulating the sector are also hesitant.
- Ryan Sitton, a commissioner of the Texas Railroad Commission, which regulates the state’s oil production, said he doesn’t support tariffs.
- “My hope is that we don’t get to that, my hope is that the market gets balanced through good leadership on behalf of major oil producers,” said Sitton, referring to the U.S. (mainly Texas) and Saudi Arabia and Russia.
What we’re watching: Canada is in discussions with the U.S. about the possibility of tariffs on Saudi and Russian oil if the two countries don’t quickly reach a deal on a price war, the Financial Times reported earlier Saturday.
Go deeper: Trump reluctant to intervene in oil markets