FILE PHOTO: U.S. Treasury Secretary Steven Mnuchin solutions questions throughout the every day coronavirus process drive briefing on the White Home in Washington, U.S., April 21, 2020. REUTERS/Jonathan Ernst
WASHINGTON (Reuters) – The Trump administration is contemplating taking stakes in U.S. power corporations as one doable choice because it seeks to assist the nation’s oil and fuel sector amid the coronavirus outbreak, U.S. Treasury Secretary Steven Mnuchin stated on Friday.
President Donald Trump, talking alongside Mnuchin at a White Home occasion, stated he needs to assist the oil and fuel business and recommended the federal authorities may purchase gasoline for the nation upfront in addition to buy airline tickets upfront.
“We’re taking a look at a complete bunch of options,” Mnuchin stated.
Trump additionally stated that Russia and Saudi Arabia may make additional manufacturing cuts amid the glut within the oil market amid the pandemic, including that Texas, Oklahoma and North Dakota are chopping manufacturing in addition to Canada.
“It’s going to be pure at this level,” Trump stated of such cuts.
Reporting by Jeff Mason and Lisa Lambert; writing by Susan Heavey; Modifying by Chizu Nomiyama and Nick Zieminski