Donald Trump called Russian president Vladimir Putin on Monday to discuss plunging oil prices that are wreaking havoc on America’s shale oil industry. The two leaders talked briefly about the coronavirus pandemic but quickly switched to Trump’s real concern which is oil production.
For the last month, Saudi Arabia has been flooding the market with crude oil to force Russia to agree to deep production cuts. To his credit, Putin has stubbornly resisted Saudi coercion and maintained current output levels. As a result, prices have plummeted to an 18-year low of $20.09 per barrel which is well below the break-even rate that American frackers need to survive. In less than a month, the capital-intensive US shale oil industry has gone into a steep nosedive that has set off alarms on Wall Street where analysts expect that a wave of defaults will deliver a knockout blow to the big investment banks. That’s why Trump decided to call Putin. He wants to see if he can persuade the Russian president into slashing production.
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9 comments:
Man our country is toast!! We are being manipulated by every foreign enemy and rely on them ALL to exist!! It's a shame that you jerkoffs didn't take the time to learn our country's history and the price paid to avoid what we're going to go through
for higher gas prices .???
When the interests of corporations merge with government power it is called Facism.
Let them fail and don't let the executives clean the place out for a billion when they leave. They were making a fortune for years it's their own fault for being greedy and not planning for the future.
And Saudi Arabia is considered an ally? Hmmm. One has to wonder.
Just what we need Higher gas prices with no money or economy.
Trump has his head up his butt.
That virus won't run my car. Nor will his precious stock market save my life.
Make our gas price at 50 cents per gal Capped Off !!!!!
America doesn’t need a damn thing from other countries to sustain itself we trade to raise the standards of living for other countries
Let him have Hillary / Obama / Pelosi / Schumer / Schiff / Nadler for starters !
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