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BL

President said he will intervene in oil price when the time is right.

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(edited)

Would be the wrong time to intercede now.  Obviously preoccupied with virus.  

At today's press conference the President was asked about the Saudi / Russian price war.

He stated he always used to be in favor of lower oil prices being better for consumer.  He then acknowledged the oil industry is now important to the U.S.  

He said low oil prices not good for U.S.  He also added the low prices not good for Russia as a large part of their economy dependent on energy.

Sounds like Harold Hamm and his buddies are going to get their wish as Trump signaled he may go against free market principles and competition to regulated pricing.  Price fixing never a good idea.  

Sad.  The market would work this out.  While he's doing it for U.S. oil companies he has spoken to MBS over the last few weeks and Treasury Secretary Mnunchin  has spoken to Russia.  

Once again the U.S. consumer loses out to the Corporate Welfare System.  Cronnie Capitalism lives on. 

Half the shale producers are "walking dead" and should be gone.  His actions will keep these inefficient players alive,  support his friend MBS the butcher and Russia.

This info together with the American Petroleum Institute quote last week, " We want to balance the market" says it all.  

Trump will spend a Trillion dollars bailing out industries with tax payers dollars.  That's like a Trillion dollar Presidential Campaign Fund.  

Other topic: He also said SPR crude purchases will target the small producers ?  What's considered small ?  

Edited by BLA

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