The federal government may be about to offer the struggling U.S. oil industry loan financing in exchange for stakes, Bloomberg has reported , citing an unnamed source familiar with plans. The plan, which the government could unveil later today, could include bridge loans and emergency loans from the Fed under a program aimed at helping small and medium-sized companies. These are the options favored by Treasury Secretary Steven Mnuchin, Energy Secretary Dan Brouillette told media earlier this week. Mnuchin himself told media, “This is not going to be a bailout,” adding that they were holding discussions about “a lot of different strategies.” Earlier this week, a second oil company filed for bankruptcy protection after Whiting filed for Chapter 11 in mid-April. Diamond Offshore Drilling said conditions in the industry had “worsened precipitously in recent months.” Many expect mass bankruptcies in U.S. oil, especially in the shale patch, where debt […]