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JM

Why can't contracts for Saudi oil be cancelled and their crude oil sent back!

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WTI crude $ went negative 4/20/20 when May oil contracts expired.  Saudi Arabia is currently dumping 600,000+ bbls of crude into the U.S.  I thought the Trump Admin was "America First"!  Calling Senators in Texas was a bust to turn the Saudi barges back to the Middle East, - no interest.   AOC walks along the streets of Manhattan with a Starbucks in her hand (plastic cup and all), telling the oil industry to go to hell, and Trump and the Republicans doing the same by their lack of movement.  We can store 733 million bbls. in the SPR, but Congress balks at buying crude at zero to store and Cushing has little room for the current U.S. production.  

We know the Saudis and Russia will continue their war on shale , but what will the oil and gas industry in the U.S. be able to continue into 2021?  If you've been around the industry for a while, it was touch and go when crude oil prices dropped below $30 in 2014-2016, but the industry survived.  One thing is certain, if this collapse continues, the Saudis will be bringing in millions of bbls of crude to our shores "again"!  Energy independence - it was never really accurate, but now it's funny.  But, if it is truly America First, the first step in this slaughter is for the Trump Admin. to tell Saudi Arabia to take their barges of crude heading into the U.S. and send all of them back to Salman's desert .

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