Trump : Tariffs on Oil Imports still on the table

[BLA + 1,666]

https://www.msn.com/en-us/finance/markets/us-says-oil-tariffs-still-on-the-table-even-after-opec-2b-deal/ar-BB12Gz4I

U.S. imported 5.68 mm bbls/day of crude for week ending 4/10.  Over half of that from Canada. 

I think Trump just giving Tariffs lip service.  He's not serious.

FYI production was a consistent 13 mm bbls/day for over 6 weeks.  It has dropped to 12.3 mm bbls/day week ending 4/10.

So that's 700k bbls just to start.  I think will drop fairly quickly from here. ( that's about 700k more than Russia ever cut as part of OPEC+)

Edited April 15, 2020 by BLA

[Gerry Maddoux + 3,627]

Well, unless the president wants to have a total standstill of one of the pillars of the platform he campaigned on, he would be well advised to stop talking and do the tariff. 

We're full. Come May 1, we're full. At that point, nothing goes anywhere. 

Every day that we don't have a big tariff on Saudi oil is a day we get farther behind the eight ball. There are those who would argue that it's shale's fault. But you can't have it both ways: America is energy-independent/shale drillers ruined the industry. That's like, The Queen is dead. Long live the Queen. Only the implication with a dead monarch is that another is about to take up the throne. There is nothing waiting in the wings to supplant the American oil industry--and believe me, the 2M in stripper wells is going to be among the earliest victims. 

It may be that the country simply doesn't care, and think since it's oil, maybe it's better if we don't produce it here at home and import it all from OPEC++. On the other hand, in a time when 20 million people are out of a job, we have an opportunity to SAVE about 2 million American jobs. 

The reverberations from allowing a whole industry go belly up, and along with it the loss of a couple of million jobs dependent in one way or another on that industry are going to be felt all across the country. If each person in the oil industry pays something toward supporting another twenty, we're talking about a vast number of lives adversely affected by doing nothing and letting the "free market system" duke it out with the NOC's of OPEC++. 

But hey, if that's the way the cookie crumbles, it'll be a very interesting social experiment to watch. 

[Dg56 + 16]

Sorry to disappoint you, but I don't know anybody who seriously thinks that tariffs are the answer. Do you think it will save jobs, really? (30$ tariff om 20$ imports to make it 50$ viable for homeland product) Really? 

The US shale O&G was great idea  but shifty since inception (a kind of Ponzi Scheme, getting into a  bind). Sorry to hear that people got caught. 

Wait and see. Maybe sthg will happen. 

[BLA + 1,666]

18 hours ago, Dg56 said:

Sorry to disappoint you, but I don't know anybody who seriously thinks that tariffs are the answer. Do you think it will save jobs, really? (30$ tariff om 20$ imports to make it 50$ viable for homeland product) Really? 

The US shale O&G was great idea  but shifty since inception (a kind of Ponzi Scheme, getting into a  bind). Sorry to hear that people got caught. 

Wait and see. Maybe sthg will happen. 

Everyone is grasping for an answer.  The industry is desperate.  NOCs, OPEC, Russia, Saudis,  Norway, Brazil, Majors, U.S. Shale, IOCs, etc, etc, etc

It's every industry. 

It comes down to getting the world economies back working.

With that being said, Trump should not tolerate Saudis dumping 14 tankers of oil on U.S. shores.  Trump should keep it simple and keep it private. Call MBS and tell him to cut the crap and turn those tankers around .  If not our troops are coming home. And mean it. 

Edited April 16, 2020 by BLA

[TRISTON 0]

Greatz