US must come to the rescue of threatened US oil fracking industry

The US fracking industry aside from being a vital national security industry which has been responsible for the record growth in US oil and gas production and which has placed the US in a preeminent position in the world oil and gas markets, relies on $50 barrel oil to break even. Due to low demand stemming from the coronavirus and the current explosive oil production war between Saudi Arabia and Russia the US fracking industry finds itself in dire straits in danger of imploding financially with oil prices languishing in the $20 per barrel range. In order to salvage this industry there should be no hesitation by the United States government to invest heavily in this industry, to restrict refined oil in this country to US domestic production and to engage in a massive buying campaign to fill the US strategic petroleum reserve which holds about 1 billion barrels of oil. The cheap prices on the market for oil make this a propitious time for the US to purchase oil for the Reserve. If the US government does not step in to salvage this vital industry it will plunge into bankruptcy and totally lose the momentum gained in recent years. This would be an intolerable situation for the US to face, and is totally unnecessary if the US government acts in a judicious and expeditious manner to sustain and save this vital industry.

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