CARES Act to Inject Needed Relief for Small Businesses, U.S. Industries

For Immediate Release

In response to the U.S. Senate passage of the Coronavirus Aid, Relief and Economic Security (CARES) Act, International Association of Drilling Contractors (IADC) President Jason McFarland issued the following statement:

“The COVID-19 pandemic, along with the collapse of worldwide oil markets and hardships across both the U.S. and global economies, has necessitated a government response that rises to the challenge of the crisis. Enactment of the CARES Act, expected on Friday, benefits the U.S. economy and the millions of Americans who work in the industries vital to this country’s success.

“IADC has not been spared from the devastating effects of the crisis; all of our 1,000 plus member companies and their employees are feeling it. While our members include a few large corporations, the majority are small companies working with local communities to provide the energy that makes modern life possible. These companies have harnessed decades of American ingenuity to provide millions of jobs to workers, in every state, from major cities to small towns. They are the very types of companies that we hope will benefit from the provisions contained in the CARES Act.

“The worldwide oil and gas industry has been rocked in recent weeks, and in the U.S. that affects the 10 million people who are directly or indirectly employed in this industry. These workers, many of them blue-collar, are responsible for making sure the country has enough energy to fuel everyday life, ultimately contributing to both the economy and national security. We thank the Members of Congress like Representative Lizzie Fletcher (D-TX) who recognize the unique challenges people who work in the U.S. oil and gas sector are facing and have vocally demonstrated their support for this industry to be included in relief packages.

In this time of uncertainty, we are heartened by government efforts to shore up the national economy, ensuring that businesses in all distressed sectors, and their workers, are shielded from the absolute worst effects of an economy ravaged by the pandemic.”

ABOUT IADC

Since 1940, the International Association of Drilling Contractors (IADC) has exclusively represented the worldwide oil and gas drilling industry. IADC’s mission is to catalyze improved performance for the drilling industry by enhancing operational integrity and championing better regulation to facilitate safer, cleaner and more efficient drilling operations worldwide. For more information, visit the IADC website at iadc.org.