OIL CRASHES AND TRUMP'S TRANSTIONING OF THE ECONOMY IS UNDERWAY!
Oil crashes is an understatement! on 4/21/20 West Texas Intermediate Crude (WTI) was at NEGATIVE $36 a barrel! Seriously, the producers were PAYING traders to take it as the global lack of demand has created a supply constraint. Literally, ALMOST ALL of the available supply is taken up. An estimated 20,000,000 barrels is in storage in America.
COVID-19 is the blame for the lack of demand as travel has come to a screeching halt! Russia and Saudi Arabia have been injecting massive amounts of supply into the system to drive the price down and hurt the west. Add these two together and it is a recipe for disaster!
For these reasons President Trump did some serious negotiations with OPEC to reduce their production. This won’t be enough. TO SAVE American producers from bankruptcy, I believe Trump will have to slap massive tariffs on foreign oil to get US producers back to revenue generation quickly.
All of this while Trump is making good on his promise to MAKE AMERICA GREAT AGAIN by dismantling the concentration of supply lines in Asia and not being so depending on one country for our consumed products and services.