GOP lawmakers ask Trump to assist oil and gas producers

A group of more than 40 House Republicans wrote to President TrumpDonald John TrumpMilitary personnel to handle coronavirus patients at facilities in NYC, New Orleans and Dallas Navy hospital ship USNS Comfort has total of 20 patients: report Fauci says that all states should have stay-at-home orders MORE urging him to give a boost to oil and gas companies ahead of Trump’s slated meeting with oil executives.

They specifically said in a Thursday letter that the president should lessen royalties for producers who drill on federal lands, bring Russia and Saudi Arabia to the negotiating table, and replace Obama-era methane regulations with “cost-effective guidelines.”

“We ask that you continue to prioritize America’s oil and natural gas producers and workforce,” the lawmakers wrote. 

“If this market does not stabilize soon, we risk rolling back the success of the U.S. energy industry over the past decade, which will have a disastrous effect on America’s economy and jeopardize our energy security,” they added. 

The move from lawmakers comes as prices have plunged amid decreased demand linked to the coronavirus and a Saudi-Russia production-level dispute.

Prices are down significantly from a high of $53 per barrel in February, however, they rebounded slightly when Trump suggested on Thursday there could be a deal between Saudi Arabia and Russia. 

While Republicans have pushed for assistance for the oil and gas industries, Democrats have opposed it, arguing that the coronavirus pandemic shouldn’t be used to worsen climate change. 

There has been particular Democratic opposition to the possibility of waiving or lowering royalties, with Sens. Bernie SandersBernie SandersHuffPost political reporter on why Bernie fell way behind Biden Schumer: Administration ‘must move heaven and earth’ to implement new unemployment benefits Biden associates reach out to Holder about VP search MORE (I-Vt.), Jeff MerkleyJeffrey (Jeff) Alan MerkleyDemocratic senators ask Pompeo to provide coronavirus aid to Palestinian territories House bill would ban stock trading by members of Congress Lawmakers ask Trump administration to help Gulf oil and gas producers MORE (D-Ore.) and Ed MarkeyEdward (Ed) John MarkeyDemocratic senators call on domestic airlines to issue cash refunds for travelers Overnight Energy: Critics blast EPA move as ‘license to pollute’ during pandemic | Trump expected to roll back Obama mileage standards| Group plans to sue over rollback of water law Hillicon Valley: Twitter says Chinese official’s virus disinformation doesn’t violate rules | Hackers target WHO | Senators urge agencies to stop coronavirus robocalls MORE (D-Mass.) even introducing legislation aimed at preventing the administration from reducing royalty rates for coal, oil or gas recovery.

The Trump administration, meanwhile, has taken some actions to boost industry, including a Thursday announcement that it would rent space in the Strategic Petroleum Reserve to oil producers. 

The president is expected to meet with executives from Exxon Mobil, Chevron, Occidental Petroleum and Continental Resources on Friday.