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We get it. The Kenyan born terrorist ISIS leader Obama is bad and Golden Haired Angelic Genius Trump is all that is good on earth. Has he walked on water yet? geeeeeeeeez. Its gotta be exhausting bowing and kissing your dear leaders feet that many times a day.
The race card. For when you have got nothing else.
The race card. For when you have got nothing else.
The propaganda card. Useful for when you know what you are saying is nonsense. Are you telling me you want gas and oil prices to be back to double what they are now? If thats what you want just say so. Don't give me that "Obama, Biden Clinton" double back speak. THEY ARE NOT IN POWER TRUMP IS. How can you Trump bleach drinkers have it both ways? all in the same post you will whine about some policy you dislike that the TRUMP admin rolled out and then blame it on OBAMA, CLINTON and BIDEN none of which run the Federal Gov. is he in charge or not?
President Trump told Saudi Crown Prince Mohammed bin Salman that if he did not cut oil production, then the US would withdraw military support. Without US Military support, the House of Saud would fall very quickly, so this was an offer that MBS could not refuse. And he did not refuse.
Some people are pleased to see the US oil industry devastated and hundreds of thousands of people loose their jobs in this industry - mostly pretty good paying jobs. In some cases, this is because they support an insane environmental agenda which is simply not achievable at the current time, regardless of their naive fantasies to the contrary. Others are just plain short sited and selfish, as they like the cheaper gasoline prices they have to pay to fill their cars.
We need to be as self sufficient in oil as we can be until the technologies are developed to provide transportation in a way that is superior to that provided by petroleum based fuels. We are not there yet. We are not particularly close to being there yet. Some day, I expect we will get there, but it will be decades at least.
President Trump's bold move is a well timed come-uppance for a dictator and a regime that has gotten too big for their proverbial britches. In response, the Saudis are backing down and increasing production. It may be a while before we see the full results, as there is such a huge surge in oil in storage right now as a result of the lower demand from the worldwide shutdowns, that the prices are going to take a while to recover.
However, WTI is back up to $18.91 just a little while ago. That is up over $2 a barrel in just a few hours. So that is progress, in any case.
The shale oil industry was not really sustainable as it requires a high oil price just to break even, never mind profitability from my understanding.
The shale oil industry was not really sustainable as it requires a high oil price just to break even, never mind profitability from my understanding.
Fracking should've never been allowed IMHO...
The cat is out of the bag on shale oil. It is pretty cheap to drill a shale oil well, relatively speaking, especially compared to the deep water projects. Different shale oil projects have different break even points, and they also have different production prospects.
The "industry" is irrelevant. There are a lot of those companies that have been arguably doomed to fail for a while now, and that is before the oil price war recently instigated by the Saudis and the Russians. However, just because some of these companies are not going to make it, it does not follow that this sort of drilling will not continue.
The Saudis and the rest of OPEC would love to see the price of oil jack back up to $100 per barrel or more, which is what it was before the frackers came in and cut their legs out from underneath them. If the Saudis and OPEC try to constrict their output at any point enough to cause these sorts of price increases, that will give financial incentive to shale oil investors to turn the taps back on and to start new drilling projects.
What that means is that the shale oil "industry" is not dead, however it is in financial trouble right now, as most of their projects do not make sense at under $20 per barrel. But at $40, many do. And at $50, even more do.
Fracking will be back. Hopefully with a little less irrational exuberance this next time around.
Did you even read the article you cited? It says that Trump told the Saudis that unless they cut oil production CONGRESS would pass legislation to stop military support - NOT THAT HE WOULD because he does not have that authority anyway (just like Ukraine if you remember). Fear Nancy!
So basically, you are saying Trump was bluffing, and it worked. Good for him.
It goes back to an agreement between FDR and the King Abdul Aziz of Saudi Arabia in 1945 that the US would provide military protection to Saudi Arabia (and the House of Saud) in exchange for a guarantee of access to Saudi oil. That agreement and that alliance has been maintained for 75 years now.
If they refused to stand down, perhaps. But that would mean the fall of the House of Saud, which is literally an existential threat for MBS. So he stood down.
Would Obama have taken such bold leadership? Or Joe Biden? Bwahaha.
LMAO...the Saudis can and WILL do whatever they want regardless of Trump’s lame threat.
Why? Because Trump WILL NOT remove military support for Saudi Arabia no matter what happens. In fact, if I were the Saudis, I’d publicly dare him to do it and call him a bytch after I dared him.
You guys are way too impressed with loudmouthed fools who are long on mouth and short on action. But then, that’s the definition of conservatism anyway.
Anything that weakens OPEC strengthens America, and anyone who says otherwise has no memory of the oil crises that rocked our country during the 1970s and 1980s, when OPEC had us over a barrel. So if President Trump actually did what this article says he did, I saw good for him!
LMAO...the Saudis can and WILL do whatever they want regardless of Trump’s lame threat.
Why? Because Trump WILL NOT remove military support for Saudi Arabia no matter what happens. In fact, if I were the Saudis, I’d publicly dare him to do it and call him a bytch after I dared him.
You guys are way too impressed with loudmouthed fools who are long on mouth and short on action. But then, that’s the definition of conservatism anyway.
Apparently you are wrong, because MBS bowed the knee to Trump in response.
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