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JSul3 · 70-79
Oil traded today at $73 per barrel. The futures market shows approx. $68 per barrel.
No president has control over oil. It is a commodity that is traded worldwide.
For Big Oil to make a profit, oil needs to be around $90 per barrel so don't expect a mass of drilling activity.
As we enter the winter months, demand drops.
Biden didn't cause it, just like Trump didn't but Trump did encourage the Saudis to cut production and that did impact prices. Not long ago Big Oil experienced its highest production on record.....so they are doing just fine.
No president has control over oil. It is a commodity that is traded worldwide.
For Big Oil to make a profit, oil needs to be around $90 per barrel so don't expect a mass of drilling activity.
As we enter the winter months, demand drops.
Biden didn't cause it, just like Trump didn't but Trump did encourage the Saudis to cut production and that did impact prices. Not long ago Big Oil experienced its highest production on record.....so they are doing just fine.
JSul3 · 70-79
@Tastyfrzz Reuters:
WASHINGTON/LONDON/DUBAI (Reuters) - As the United States pressed Saudi Arabia to end its oil price war with Russia, President Donald Trump gave Saudi leaders an ultimatum.
In an April 2 phone call, Trump told Saudi Crown Prince Mohammed bin Salman that unless the Organization of the Petroleum Exporting Countries (OPEC) started cutting oil production, he would be powerless to stop lawmakers from passing legislation to withdraw U.S. troops from the kingdom, four sources familiar with the matter told Reuters.
The threat to upend a 75-year strategic alliance, which has not been previously reported, was central to the U.S. pressure campaign that led to a landmark global deal to slash oil supply as demand collapsed in the coronavirus pandemic - scoring a diplomatic victory for the White House.
Trump delivered the message to the crown prince 10 days before the announcement of production cuts. The kingdom’s de facto leader was so taken aback by the threat that he ordered his aides out of the room so he could continue the discussion in private, according to a U.S. source who was briefed on the discussion by senior administration officials.
WASHINGTON/LONDON/DUBAI (Reuters) - As the United States pressed Saudi Arabia to end its oil price war with Russia, President Donald Trump gave Saudi leaders an ultimatum.
In an April 2 phone call, Trump told Saudi Crown Prince Mohammed bin Salman that unless the Organization of the Petroleum Exporting Countries (OPEC) started cutting oil production, he would be powerless to stop lawmakers from passing legislation to withdraw U.S. troops from the kingdom, four sources familiar with the matter told Reuters.
The threat to upend a 75-year strategic alliance, which has not been previously reported, was central to the U.S. pressure campaign that led to a landmark global deal to slash oil supply as demand collapsed in the coronavirus pandemic - scoring a diplomatic victory for the White House.
Trump delivered the message to the crown prince 10 days before the announcement of production cuts. The kingdom’s de facto leader was so taken aback by the threat that he ordered his aides out of the room so he could continue the discussion in private, according to a U.S. source who was briefed on the discussion by senior administration officials.