(Bloomberg) -- President Donald Trump said he discussed the recent drop in oil prices with the leaders of Russia and Saudi Arabia in the hope of stopping the steep decline that’s threatening the industry.
Trump, speaking Tuesday at the White House, said he raised the issue in conversations with Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman.
“They’re going to get together and we’re all going to get together and we’re going to see what we can do,” Trump said. “Because you don’t want to lose an industry. You’re going to lose an industry over it.”
Crude oil just had its worst quarter on record, tumbling 66% as the spread of coronavirus crushed demand and Saudi Arabia and Russia embarked on a price war that has flooded the market with supply.
Trump said the price drop was harming the U.S. oil industry, but also acknowledge it was helping the struggling airline industry and consumers, calling it “the greatest tax cut we’ve ever given.”
©2020 Bloomberg L.P.