Occidental Seeking Federal Lifeline For U.S. Oil Industry
- Appeal comes as biggest Permian drillers rejects Texas limits
- Company urging employees to contact Congress and seek action
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Occidental Petroleum Corp. wants U.S. government financial aid for the oil industry even as the biggest producer of Permian Basin crude urges Texas regulators not to interfere with market forces.
In a sign of how important the appeal is to Chief Executive Officer Vicki Hollub, employees are being urged to send a pre-written wish list to Congress members. Among other things, the company wants the government to “provide liquidity to the energy industry through this period of unprecedented demand destruction and unsustainable pricing until normal economic conditions return.”