President Trump said more oil producers are "getting close to a deal" to try to put a floor under prices as demand for energy plummets amid the global pandemic.
Trump said at his daily coronavirus briefing on Thursday that he'd just finished a conference call with the leaders of Saudi Arabia and Russia and that he hoped they'd agree on a cut or another solution that would stabilize the cost per barrel.
"It's down right now — so low there'll be layoffs all over the world, there'll be layoffs in this country and we don't want that to happen," Trump said. "There's so much production nobody even knows what to do with it."
Trump blamed animus between Saudi Arabia and Russia over production levels and said he expected some kind of statement soon from them following another cut announced by the Organization of the Petroleum Exporting Countries.
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7 comments:
Not the job of government
Unless it is Totalitarian Government
I disagree with your comment. It is surely the government's job to protect vital industries that are undisputedly in the national interest and security. Our government is not "totalitarian" for doing it, and you would probably blame our government if they didn't do it.
April 11, 2020 at 10:31 AM:
I suppose you want OPEC to control the oil we use. That's ridiculous, given that our own resources are currently supplying our country with the energy we need. Whatever our government needs to do to see that that control never is in the hands of a foreign power is of tantamount importance, even if it means support of an industry by our government.
back in the 70s ...Barrel of Oil was 20.00 bucks a barrel.... gas was about 79 cents a gallon
OIL TODAY is 20.00 bucks a barrel of oil....
WHY ARE WE PAYING SO MUCH MORE AT THE PUMP ?
Their idea of Stabilizing is to cause a FALSE shortage by Stopping Production , like they just have , already, to keep the price Up for us !!!!
We get screwed every time they do this, should be Illegal to do it too !!
Right now gas should be capped at 50 cents per Gal all 50 states !!!!
WHY ARE WE PAYING SO MUCH MORE AT THE PUMP ?
April 11, 2020 at 2:33 PM:
You can thank your local retailers for that, not the oil industry.
Right now gas should be capped at 50 cents per Gal all 50 states !!!!
April 11, 2020 at 8:11 PM:
I hope you realize how ignorant your comment is. Price controls will only ensure there will not be enough gas produced to meet demand. For those of us old enough to remember price controls on gas in the 70's, we also remember the lines at the pumps, odd even days, and stations with no gas to sell. There was no shortage at market prices (Supply and Demand) back then. Price controls "created" the real shortage, as producers were unwilling to produce gas at the government controlled prices. I was stationed in Europe at that time in the seventies, and there were no lines, and no pumps out of gas, at Europen market prices, back then in Europe at about $4.00 per gallon. Plenty of gas for those able and willing to pay the price. And that was in countries than had NO oil production of their own. You obviously have no education in economics as evidenced by your opinion.
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