"The President's intense focus and leadership in the complicated negotiations was the key factor resulting in the global deal. It came at a critical moment and will help correct the oversupply that has threatened the foundations of the American energy revolution. The unprecedented reduction of energy consumption resulting from COVID-19 has reverberated down through the extensive American energy supply chain, threatening hundreds of thousands of jobs and endangering countless small businesses."

As the oversupply situation worsened, EEIA last week led a multi-organization appeal to the President to use his best diplomatic efforts and employ all means at his disposal to bring the largest producing countries to the table and negotiate a coordinated supply reduction. "The President's leadership clearly provided the difference in making this happen - and he did so in the midst of historic challenges from the COVID-19 global pandemic. We thank the President for securing a result that will be essential to preserving a robust American energy industry, and its extensive supply chain, that will be a critical factor as the US and global economies recover and resume their robust growth."