Russia and Saudi Arabia are trying to exploit the COVID 19 crisis and force U.S. shale oil producers into bankruptcy by flooding the market with oil, dropping the price as low as $20 a barrel. Should the Trump Administration bailout producers who are overextended? Here’s our perspective on the question of a “SHALE-out”. WATCH NOW
In the US , we are seeing an increase in production everywhere.
The attack on Saudi oil underscores how fortunate Americans are to have a strong energy infrastructure, and how irresponsible calls to dismantle it are.
OPEC has asked the U.S. to stop producing so much oil, according to a report Thursday. Saudi Arabia is not enjoying free markets and the shale energy revolution.
CFACT energy policy advisor Marita Noon reports that, having failed to destroy U.S. oil and gas producers via increasing its own oil production, has now signed an OPEC agreement to cut back production -- largely because the artifically low price of oil was hurting producers worldwide.
American oil production is threatened by enemies within and without.
Oil prices at the pump fell hard, then began creeping back up -- even though crude oil prices have not rebounded. One reason is an explosion at an ExxonMobil refinery in California that has bumped that state's price by 20 cents a gallon, but if the steelworkers union strike expands the impacts could grow . Meanwhile, the Saudis, who concocted the scheme that saw the dramatic drop in prices, are happy to see the rise in the price at the pump.