Saudi Arabia Turns Off the U.S. Oil Tap

[lchoro]

The storage of crude has been full. Some trading of WTI crude occurs on the information about domestic US stocks of crude oil (often see the price react to the inventory figures). It is an attempt bolster the price.

https://www.reuters.com/article/us-u...-idUSKBN1A615T

covered in today's gadfly:

This is crucial, because the failure to drain U.S. storage tanks has been a major factor in driving down oil prices. "Exports to the U.S. will drop measurably," Saudi oil minister Khalid Al-Falih said in May. The kingdom is now making good on that promise.

https://www.bloomberg.com/gadfly/art...the-us-oil-tap

[MustermannBB]

Originally Posted by Packard fan

Scary: ANOTHER thread where are "libs" and "cons" agree, even if for slightly different reasons.

It is perhaps a no longer current/accurate romanticized view on the US, but 1 thing about the US I always loved was that when sh#t hit the fan this country, like a huge dysfunctional family, would come together and for the moment put differences aside when "attacked" as a whole from the outside.

Of course it is much more complex and nuanced these days, but I think with example like Saudi Arabia, almost all Americans agree they are bad news.

[CaliforniaGal]

You might be surprised....

https://www.forbes.com/sites/rrapier.../#d66f026264c3

[OnOurWayHome]

Originally Posted by Packard fan

Scary: ANOTHER thread where are "libs" and "cons" agree, even if for slightly different reasons.

Fair point.

[thecoalman]

Originally Posted by Packard fan

Scary: ANOTHER thread where are "libs" and "cons" agree, even if for slightly different reasons.

What's not to like? US companies benefit, US workers benefit and US consumers may pay a little more than they are now but they can expert long term stability in the oil market. You have also secured a vital supply of energy safely within our borders.