Oklahoma's governor has called on U.S. President Donald Trump to declare the coronavirus pandemic an "act of God," a step to help oil-producing states contend with a crude glut that caused futures prices to close below $0 last week for the first time. "Over-production of oil continues to threaten the economy," Governor J.
Kevin Stitt said in a letter to Trump that Stitt posted on Twitter late on Saturday. Declaring a "force majeure" or "act of God" would allow oil companies to halt operations without risking that land leases will be canceled for stopping production, Stitt said.
Oklahoma's energy regulator said on Wednesday that producers could close money-losing wells without losing their leases, the first victory for struggling U.S.