How things change....USA is now a net exporter of oil so probably in the best interest to drive oil prices up.
It needs to be high enough to sustain a domestic industry tied to about 10.9 million jobs, including 1.1 million directly connected with production, drilling and support activities. At the same time, it needs to be low enough to provide cheap energy to help prompt an economic rebound after the coronavirus pandemic subsides.
Even as the U.S. claimed the title of the world’s top oil producer, the country has remained at the mercy of Saudis who have a geological advantage over America and can extract crude at much lower prices. And now the oil that made America energy dominant is so costly to extract that almost 40% of U.S. producers face insolvency within the year if prices remain near $30 per barrel, the Federal Reserve Bank of Kansas City warned on Tuesday.
https://www.msn.com/en-us/money/markets/trump-forced-by-oil-war-into-unthinkable-push-for-higher-prices/ar-BB12jpjg?li=BBnb7Kz
It needs to be high enough to sustain a domestic industry tied to about 10.9 million jobs, including 1.1 million directly connected with production, drilling and support activities. At the same time, it needs to be low enough to provide cheap energy to help prompt an economic rebound after the coronavirus pandemic subsides.
Even as the U.S. claimed the title of the world’s top oil producer, the country has remained at the mercy of Saudis who have a geological advantage over America and can extract crude at much lower prices. And now the oil that made America energy dominant is so costly to extract that almost 40% of U.S. producers face insolvency within the year if prices remain near $30 per barrel, the Federal Reserve Bank of Kansas City warned on Tuesday.
https://www.msn.com/en-us/money/markets/trump-forced-by-oil-war-into-unthinkable-push-for-higher-prices/ar-BB12jpjg?li=BBnb7Kz
