U.S. Oil on Its Way Back as States Open Up, Energy Chief Says
- Too early to say whether industry still needs federal aid
- Third and fourth quarters seen as being ‘very, very robust’
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President Donald Trump’s top energy official said the oil industry is on its way back after suffering crippling losses from an unprecedented price collapse.
“We now have 23 states that are opening up their local economies, that represents roughly 40% of the gasoline demand in the United States,” Energy Secretary Dan Brouillette said in an interview with Bloomberg Television on Tuesday. “We’re starting to see oil prices stabilize.”