Trump, Clearly Making It Up As He Goes Along, Jawbones Oil To Best Day In History
"At the appropriate time I’ll get involved", Donald Trump said Thursday, of the oil price war between the Saudis and the Russians, a spat which served as the final blow to fragile sentiment, tipping markets into chaos two Mondays ago.
“It’s very devastating to Russia, because the whole economy is based on that, and they have the lowest prices in decades", Trump mused. “I would say it’s very bad for Saudi Arabia, but they're in a fight".
It's not clear Trump's assessment is wholly acc
I mean sure fill up the reserves but if you want to stabilize prices for US producers why not exclusively buy US shale oil at say $45. What precisely is the point in buying a few billion worth from the Saudi’s or Russian’s? As for getting “involved” I’m pretty sure he’s got about as much control over his two daddies as he does over the coronavirus.
Agree. If we buy at today’s price it will put many oil companies into bankrupcy. What’s Manuchin thinking?
bankruptcy
25% sounds like a big move until you reaize is was from a $20 base. That would be less than 10% on the average price over the last 3 months of 2019 and into January …
I looked as far back as I could at oil futures, back to April of 1983, on Thinkorswim. OIl has never been lower than the $30-33 handle during this time frame. That period covers a lot of downturns and the drop is mind boggling. Let the zombies die, oil or otherwise. It’s been the continuous pumping of liquidity that has sparked the current crisis.
Why do I remember a $6 handle shortly after 9/11?
The price of oil was substantially under $20 per barrel in November of 1998.
The lowest it fell after the 9/11 attacks was the high 20s.
And inflation biases perspective. I remember reading, during that period in the late nineties, that adjusted for inflation, that was the lowest price for gasoline we had ever! paid in Canada.