(CNN) — President Trump tweeted that he will never let the U.S. oil and gas industry down on Tuesday.
He said, in a tweet, that he has instructed the Secretaries of Energy and Treasury to formulate a rescue plan.
While the president is not mentioning a bailout, he does want to make funds available to oil and gas companies in need.
Negative prices for oil are likely to cause hundreds of U.S. Energy companies to go bankrupt.
Thousands of jobs hang in the balance, especially in Texas, a potential battleground state in the November presidential election.
The president has said he is open to blocking the import of Saudi Arabian oil because of the glut on the market.
However, the American Petroleum Institute does not support that approach.