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Trump orders a plan to aid US struggling oil companies with massive supply glut

Wednesday, April 22nd 2020 - 08:56 UTC
Full article 11 comments
Trump's tweet came a day after the price of the benchmark US crude crashed to its lowest level ever in New York trading, falling to minus US$37.63 a barrel. Trump's tweet came a day after the price of the benchmark US crude crashed to its lowest level ever in New York trading, falling to minus US$37.63 a barrel.

President Donald Trump on Tuesday ordered his administration to come up with a plan to aid US oil companies struggling with a massive supply glut and record low crude prices. “We will never let the great U.S. Oil & Gas Industry down,” Trump tweeted.

“I have instructed the Secretary of Energy and Secretary of the Treasury to formulate a plan which will make funds available so that these very important companies and jobs will be secured long into the future!”

Trump's tweet came a day after the price of the benchmark US crude crashed to its lowest level ever in New York trading, falling to -US$37.63 a barrel.

The culprit was slowing demand for oil as the coronavirus pandemic hammers global economic growth, along with a supply glut fueled by a price war between Saudi Arabia and Russia that's caused crude storage in the US to grow scarce.

An agreement struck last week between OPEC and other major oil producers to cut just under 10 million barrels per day of production seemed unable to reassure traders.

The squeeze was also fueled by Tuesday's expiration of May futures contracts - meaning traders who buy and sell the commodity for profit were suddenly scrambling to offload the contract, or else they would have to take physical delivery of the commodity despite having no place to store it.

That sent share prices of US oil companies plunging. The pain appeared set to continue on Tuesday, with oil at US$2.81 a barrel around 1420 GMT and the Dow Jones Industrial Average trading 1.8 per cent in the negative.

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  • Chicureo

    Gollum (Sméagol Trahald)

    I also have an editorial from the respected writer, Isaiah:

    “Woe to those who call evil good and good evil, who put darkness for light and light for darkness, who put bitter for sweet and sweet for bitter!”

    As an admirer of savoring cuisine and great knowledge, it seems appropriate.

    Seeing the extreme passionate dislike by a basement dwelling Canadian, I anticipate thoroughly enjoying the delightful emotion of schadenfreude of November 3rd.

    In any case, despite all the polling, Biden will not be elected as the next American President. Mario Cuomo or another respected Democrat might topple him, but the current 77 year old candidate looks like he's suffering from dementia”...

    (Note that the editorial is found on 5:20 and schadenfreude is probably more correctly defined as Trumpenfreude...)


    Apr 22nd, 2020 - 04:37 pm +1
  • Chicureo


    Why you angrily attack the illiterate Gollum (Terence) is baffling, because he's an avowed Trump hater. (I imagine he's sulking in his mother's basement right now.)

    He suffers from the same illness that you indeed have as well — the frightening and disabling: Trump Derangement Syndrome...

    I'm halfway into an outstanding Carménère this early and your observation is truly great entertainment...

    Unless you consider Chile a “Red State”, you're barking up the wrong tree.

    Consider yourself, along with Gollum, to be another delightful source of schadenfreude on the evening of November 3rd.

    As I mentioned, if the haters had chosen a viable candidate, Trump could have been easily ousted. If the DNC is smart, they'll nominate someone else — although there is some wild speculation that Joe will choose Michelle Obama, which could indeed be a game changer... Perhaps Stacey Abrams instead...

    Please NativeAngeleno, kindly share with all the readers — more of your insightful thoughts.

    ...especially your final beautifully crafted and extraordinary thoughtful long sentence...


    Apr 22nd, 2020 - 09:53 pm +1
  • Chicureo


    My comments seems to have awoken Gollum - Sméagol from its subterranean lair!

    Again the creature shows its perverted toilet fixation which probably is somehow related to a Freudian cognitive psychology and what what is directly shown in Freud's anal stage. The creature's adoration of its inflatable long dong silver doll is obviously also proof of what is a Freudian Phallic stage — that indicates Gollum's anal-retentive demented personality. (This from Wikipedia.)

    I find Sméagol's argument regarding Mercopress for slander, fails to deny the criminal Canadian Crown Court records — very telling as well... You'll also note Gollum no longer attempts to deny that the dodgy beer tankard means nothing...

    If only the pathetic liar would just admit it's crimes and apologize...


    Apr 23rd, 2020 - 02:41 am 0
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