President Trump In Texas Today
President Trump is en route to West Texas today to visit Midland and Odessa with the intent of focusing on the oil industry and to fundraise for an invitation-only "Permian Basin Special Event."
The Permian Basin Special Event is said to be a three-part series of fundraisers where donors chose between a $100,000 per person round table meeting with the President, a $50,000 per couple photo opportunity or a $2,800.00 per person luncheon with the President in Odessa.
Trump will be visiting a Double Eagle Energy rig in Midland following the luncheon and expected to give remarks by 3:30 pm this afternoon.
It's been a tough year for oil as prices plummeted at one point to a historic -37 dollars a barrel in April of 2020. Keep in mind in the history of oil trading, oil had never traded at a negative until then.
Many factors contributed to the economic panic that lead to the plummet and as IG, the international trading group offers, "This happened because the coronavirus caused demand for oil to halt. Ig goes on to say, "The reduction in demand that helped to bring about this crash was unprecedented, and it was a direct response to the coronavirus pandemic. This is because fewer drivers were on the roads, fewer public transport services were running in many countries, offices had shut down after worldwide lockdowns and stay-at-home orders, and factories had ceased production."
According to the Houston Chronicle, senior Trump administration officials offered that their goal is to highlight how Trump's regulatory actions have made both the oil and natural gas industry "dominant overseas," further offering that Trump is "fighting for the American dream and the American worker.”