• 4 mintues Texas forced to have rolling brown outs. Not from downed power line , but because the wind energy turbines are frozen.
  • 7 minutes Forecasts for oil stocks.
  • 9 minutes Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 13 minutes European gas market to 2040 according to Platts Analitics
  • 15 hours Fukushima
  • 2 days America's pandemic dead deserve accountability after Birx disclosure
  • 20 hours Today Biden calls for Summit with Putin. Will Joe apologize to Putin for calling him a "Killer" ?
  • 1 hour U.S. Presidential Elections Status - Electoral Votes
  • 2 days CO2 Mitigation on Earth and Magnesium Civilization on Mars – Just Add Water
  • 2 hours Simple question: What is the expected impact in electricity Demand when EV deployment exceeds 10%
  • 13 hours Biden about to face first real test. Russia building up military on Ukraine border.
  • 16 hours Joe Biden's Presidency
  • 2 days New Chinese Coal Plants Equal All those in U.S.A
  • 4 days Does .001 of Atmosphere Control Earth's Climate?!
  • 3 days Oh the Dems!!! They cheer for helping people while stabbing them in the back!!! Enbridge asks Canadian government to support oil pipeline in dispute with Michigan
  • 4 days The coming Cyber Attack
Could A Comeback In Venezuelan Oil Crash The Markets?

Could A Comeback In Venezuelan Oil Crash The Markets?

Venezuela’s oil production has crashed…

Michael Kern

Michael Kern

Michael Kern is a newswriter and editor at Safehaven.com and Oilprice.com, 

More Info

Premium Content

Oil Prices Rise As Trump Declares National Emergency Over Coronavirus Outbreak

There’s no doubt about it, it has been a rough week for oil. Just days after Saudi Arabia and Russia launched a full-blown oil war, forcing prices to drop by 25% in a single day, the U.S. President declared a travel ban for all flights to Europe. And now, the President has declared a National Emergency. But there was also some bullish news for oil markets in Trump's speech, sending oil prices upward.

Trump's statement came as a number of public and private businesses have already taken action. Major sporting leagues, conferences and public events have already been canceled, and schools across the nation had already been shut down in an attempt to slow down the spread of the virus.

Trump said, "To unleash the full power of the federal government, I am officially declaring a national emergency. Referring to that as "two very big words," adding that it would allow him to unlock up to $50 billion in funds "in our shared fight against this disease."

"We have very strong emergency powers under the Stafford Act," Trump said. "I have it memorized, practically, as to the powers in that act. And if we need to do something, I'll do it."

President Trump also announced that the U.S. government will buy ''large quantities of crude'' for the Strategic Petroleum Reserve mentioning that this would save the taxpayer billions of dollars, while helping out the oil industry, and working towards the goal of energy independence. 

Wall Street rallied on Friday's opening bell, at first skyrocketing around 1,200 points following the markets' worst day since Black Monday accident in 1987.

The emergency announcement arrives in the wake of Trump’s many efforts to lessen the public's fear of Covid-19’s. Recently, the President has argued that the seasonal flu causes more deaths than the virus,  and claimed Democrats’ criticisms of his administration’s response were overblown.

By Michael Kern for Oilprice.com 

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • Mamdouh Salameh on March 13 2020 said:
    Purchasing large quantities of shale oil for the Strategic Petroleum Reserve will provide a lifeline to the US shale oil drillers in the short term. Long-term, nobody can save an unprofitable industry.

    Dr Mamdouh G Salameh
    International Oil Economist
    Visiting Professor of Energy Economics at ESCP Europe Business School, London
  • Dr. Mamood Notsogood on March 14 2020 said:
    Oil price will rise to over 100 within 12 months.

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News