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Prompt In 2020, oil prices declined by 60% from January through April due to a combination of lower demand and increased output from other countries

Biology

Prompt

In 2020, oil prices declined by 60% from January through April due to a combination of lower demand and increased output from other countries. The price decline has been detrimental to the US oil industry. Domestic production cuts in response to low prices are expected to cause the US to revert to being a net oil importer (Links to an external site.) after briefly (since September 2019) being a net exporter for the first time in several decades. 

There is some interest (Links to an external site.) in a US federal government response to aid the industry during the coronavirus pandemic and associated economic crisis. Options include reduced regulation, loans, or even price support policies. Some proponents claim it is important to help the domestic industry survive because it is vital for the economies of several states (e.g., Texas), and because domestic production reduces reliance on imported oil. While such policies may help the industry and those employed in it cope with the current period of very low prices and oversupply, critics argue that higher prices may hurt consumers, and any incentive to use more oil will contribute to climate change.

Where do you stand? Briefly, state whether you are generally in favor or opposed to government assistance for the US oil industry during the coronavirus-related economic crisis. Explain your reasoning.

Important: this is a significant current issue, for which there are opposing reasoned points of view. Please be respectful of your peers, even if you disagree with them.

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