Life just became extremely interesting, with the request by Oklahoma's Governor.
What other ramifications or rewards could his request bring about if approved?
Perhaps State bond payments due?
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.
Understanding Force Majeure
Force majeure is a French term that literally means "greater force." It is related to the concept of an act of God, an event for which no party can be held accountable, such as a hurricane or a tornado. Force majeure also encompasses human actions, however, such as armed conflict. Generally speaking, for events to constitute force majeure, they must be unforeseeable, external to the parties of the contract, and unavoidable. These concepts are defined and applied differently depending on the jurisdiction.
