Trump to visit Double Eagle Energy oil rig in Texas
White House says Trump took 'decisive action to help' the energy industry
President Trump will head to Midland, Texas on Wednesday to tour an oil rig owned by Double Eagle Energy and deliver remarks on how the U.S. is achieving energy dominance by cutting regulations, simplifying permitting, and encouraging private investment in energy infrastructure.
"The President saw the pain caused in the energy industry by the price collapse and demand shock that resulted from the COVID-19 pandemic, and took decisive action to help," the White House told FOX Business in a statement. "America's energy industry is now contributing to the nation's economic recovery, and the President will continue to support the industry as it rebuilds."
In addition, the president is also scheduled to appear at a fundraiser event in Odessa called the "Permian Basin Special Event."
TRUMP TOUTS CORONAVIRUS VACCINE DEVELOPMENT AT BIOTECH PLANT IN NORTH CAROLINA
The trip will be Trump's sixteenth visit to Texas as president.
President Donald Trump waves as he steps off Air Force One at Andrews Air Force Base, Md., July 26, 2020. (AP Photo/Patrick Semansky)
The White House said that President Trump "understands the unnecessary constraints on our energy production, from aging infrastructure to burdensome permitting and regulatory overreach, which ultimately limits job growth and increase costs for American’s hardworking families."
SCHLUMBERGER CUTS 21,000 JOBS AMID HISTORIC OIL DOWNTURN
"The energy produced in the Permian Basin is vital to restoring the economy by providing affordable, reliable energy for American families and businesses," the White House said. "The President's deregulatory and streamlining actions helped make the United States the world's leading oil and natural gas producer, and the President remains committed to American Energy Dominance."
The White House added that America is "expanding manufacturing energy production, investing in new capital and technology, and creating jobs," as a result of the administration's economic policies, including tax cuts and its aggressive deregulatory agenda.
REMINGTON ARMS DECLARES BANKRUPTCY, EVEN AS VIOLENT UNREST FUELS RECORD SALES
Double Eagle Energy is one of the largest crude oil and natural gas exploration, development, and production companies operating in the Permian Basin, employing 60 workers and supporting thousands of additional ancillary jobs.
The company produces approximately 50,000 barrels of oil per day across 530 wells.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
A spokesperson for Double Eagle Energy declined to comment on the president's visit.