The coronavirus crisis has contributed to a crash in oil prices, as people are driving less while working at home and many businesses are shut down. Competition between Saudi Arabia and Russia has also caused a glut in global oil production.
As a result, many oil and gas companies are suffering huge financial losses, laying off workers, and asking the federal government for a bailout or some kind of government assistance.
President Trump held a meeting on Friday at the White House with the CEO’s of eight major oil companies, including Exxon Mobil, Chevron and Phillips66.
“I just want to start by saying it’s an honor to be with you,” Trump told the executives. “I know most of you… But I know all of you by seeing you on the covers of all the business magazines and other magazines. And you’ve done a great job and we’ll work this out. And we’ll get our energy businesses back. I’m with you 1,000 percent.”