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I want some of that good stuff you've been having if you think Trump was POTUS in 2015.
They started cutting production in Dec 2015 to kill off US shale. Trump asked them to stop sometime in his presidency after this was going on for 2 or so years. But that was the reason behind the cuts.
And now they want oil up to $100/barrel so they can recoup.
Naturally.
They had the double whammy. Prices fell and then they cut production. Note how little we cut oil production though. Of course oil here isn't really run by a cartel with production limits. Nonetheless, Trump could have taken some actions to share in the pain of production cuts as could have Biden. Neither did. Trump was very happy to see OPEC cut production to shore up prices for US oil though. Oddly it's almost as if OPEC is looking out for OPEC rather than US interests. Huh. Whodathunkit?
They started cutting production in Dec 2015 to kill off US shale. Trump asked them to stop sometime in his presidency after this was going on for 2 or so years. But that was the reason behind the cuts.
No I think they increased production back then to drive prices too low to kill shale industry. As if they cut production and prices go up shale industry becomes more profitable.
But if prices dive too low like below $50 to $60 shale oil becomes a losing move as they cannot break even on what they can sell barrel of oil for relative to the cost.
The Saudis on other hand can profit off oil even at $20 to $30 as it costs like less than $10 for them to extract it.
Now they already damaged shale industry of course they will cut production to try and bring prices back up. But even they know getting prices too high brings frackers back so they have to balance it out.
They had the double whammy. Prices fell and then they cut production. Note how little we cut oil production though. Of course oil here isn't really run by a cartel with production limits. Nonetheless, Trump could have taken some actions to share in the pain of production cuts as could have Biden. Neither did. Trump was very happy to see OPEC cut production to shore up prices for US oil though. Oddly it's almost as if OPEC is looking out for OPEC rather than US interests. Huh. Whodathunkit?
You also have to take into account the 2 years of pandemic when the world slowed down.
It's not just about politics.
They started cutting production in Dec 2015 to kill off US shale. Trump asked them to stop sometime in his presidency after this was going on for 2 or so years. But that was the reason behind the cuts.
Incorrect.
Trump told them to cut production or he would cutoff arms.
We shouldn't be friends with terrorist states. Apparently a lot of people have forgot.
Peace doesn’t mean making friends, and peace is better than war. It was wonderful having that under the previous regime.
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