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Oil

Why US oil sector relief may require green energy dealmaking

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Listen: Why US oil sector relief may require green energy dealmaking

US President Donald Trump has promised relief to the ailing oil and gas sector, and it's not yet clear if the recently expanded Federal Reserve lending program is the full extent of that aid.

Democrats easily blocked the administration's first attempt to help drillers in the form of buying US crude at low prices to fill the Strategic Petroleum Reserve. The incident underscored just how hard it would be to get any kind of fossil fuel relief through Congress.

A recent survey by the Brunswick Group found little support among Americans for granting federal relief to the US oil and gas sector -- unless that aid is tied to emissions reductions or other environmental benefits. The survey also found little support for banning foreign crude imports to boost domestic prices.

Brunswick's Stephen Power argues that there is a path for the oil industry to build a support among the public and in Congress for bipartisan federal aid. But it's going to require some give-and-take with Democrats and a willingness to consider their energy policy priorities such as federal aid to renewable sector.

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