Trump says he's going to help the oil industry after yesterday's wipeout. Sorry if I don't hold my breath.

Here's a quick timeline of how his administration has helped so far.... https://twitter.com/realDonaldTrump/status/1252591306028785667

March 5: DOE Secretary @SecBrouillette says that energy markets are "well prepared" to cope with the fallout from the coronavirus. Within a month of that remark, U.S. oil had lost nearly half of its value

It takes 5 more days (March 19) for DOE to actually release its solicitation for oil purchases from U.S. producers.

7 days later (March 26) DOE cancels the purchase plan because it doesn't have the funding.

Oil now -65% since star of year

March 27: Trump still hasn't pulled any diplomatic levers to end Saudi-Russia price war. Forecasts show that demand has collapsed to point where any efforts from the president will be too little, too late: https://www.bloomberg.com/news/articles/2020-03-26/trump-didn-t-calm-oil-markets-now-it-may-be-too-late

March 31: Energy Sec. @SecBrouillette speaks to his counterparts in Russia and Saudi Arabia, but there is no public plan to halt oil's plunge.

Trump on the same day says he spoke with Putin and MBS; says those guys will "work it out"

Oil -67% for the year

April 20: Oil futures go negative for the first time in history, taking physical prices along with it.

Trump says he's going to fill the SPR and is eyeing a ban on Saudi oil. Where have we heard that before?

April 21: Today, Trump says he's working on a plan to make money available to the oil industry.

Where's it going to come from? Anyone think the Democratic-controlled House will authorize that when they wouldn't authorize filling the SPR?

April 15: Oil closes under $20 for the first time ever.

April 16: State Dept. says a tariff on foreign oil is still on the table, though Trump has repeatedly said he's not seriously considering using them. FWIW, industry is divided on this option.

Oil closes under $20 a 2nd day

April 18: Barrels in Texas are being bid for $2/bbl, raising specter of negative prices. Texas regulator is weighing mandatory output curbs.

April 2: DOE changes tack. Instead of BUYING oil from U.S. producer, it will allow producers to RENT space in the SPR. This will supposedly help the oil glut forming in the U.S.

April 7: EIA again slashes oil-output projections

Forgot this: April 6, Trump says the free market will curb U.S. output.

April 9: Even the historic OPEC+ deal to cut output can't stem oil's decline. WTI -9% on the day, -63% for the year