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Oklahoma wants Trump to declare coronavirus an ‘act of God’ to help oil producers

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Oklahoma’s governor has called on U.S. President Donald Trump to declare the coronavirus pandemic an “act of God,” a step to support oil-developing states contend with a crude glut that brought about futures selling prices to near down below $ final 7 days for the 1st time.

“Above-production of oil proceeds to threaten the economic system,” Governor J. Kevin Stitt explained in a letter to Trump that Stitt posted on Twitter late on Saturday.

Declaring a “drive majeure” or “act of God” would allow for oil organizations to halt functions with out risking that land leases will be canceled for halting production, Stitt explained.

Oklahoma’s electricity regulator explained on Wednesday that producers could near dollars-dropping wells with out dropping their leases, the 1st victory for battling U.S. oil organizations trying to get aid from states soon after the sector crash.

U.S. production reached a record-high of in the vicinity of 13 million barrels for each day late final 12 months, but the pandemic has slice international use by 20% to thirty%, or up to thirty million bpd.

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