An article by Politico said, “U.S. oil futures prices fell to their lowest-ever level on Monday at 1 cent per barrel, breaking the previous record near 10 dollars set in 1986, as policymakers struggled to address the glut of crude that has seen the industry reverse a decade-long boom and sink into a deep recession that threatens to push dozens of companies into bankruptcy.
I believe that President Donald Trump won praise last week for helping push Russia and Saudi Arabia to end a market standoff and reduce shipments oil.
This is what happens when you have a deadly virus that has spread like wildfire throughout the US If Trump had not sat on his ass for a month doing hardly anything we would be in a lot better shape like what happened in South Korea.
This statement by the CDC director on February 12th proves that Trump knew what was very likely to happen in the coming months. In article by New York Times said, “Oil prices tumbled as the economic crisis set off by the coronavirus pandemic continued to destroy demand for energy.
At some point in time, it is highly probable that we’ll have to transition to mitigation using social distancing measures, for example, closure of certain public facilities and other techniques to try to limit the number of people who become infected.
We’re not going to be able to seal this virus from coming into this country. We do gain time by prolonging the containment phase as long as we can, provided that we still believe that’s a useful public health effort.
Reports that the Trump administration was considering paying oil companies not to pump oil have not comforted oil executives.
How very Socialist of him.
Sources:
Oil prices go negative – and Washington is paralyzed over what to do. (n.d.). Retrieved from https://www.politico.com/news/2020/04/20/oil-companies-trump-administration-paralyzed-196473
Stocks Slump as Oil Prices Nosedive: Live Markets Updates. (2020, April 20). Retrieved from https://www.nytimes.com/2020/04/20/business/stock-market-live-trading-coronavirus.html
Sy Barnes 