Friday, April 03, 2020

Working for you! (if you're a hugely profitable corporation or a murdering autocrat)


W-T-F.  Seriously, this is some screwed up crap.
U.S. President Donald Trump said on Thursday he had brokered a deal with top crude producers Russia and Saudi Arabia to cut output and arrest an oil price rout amid the global coronavirus pandemic, though details of how cuts would work were unclear.
...
Trump said he spoke with both Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman on Thursday.
 
He Tweeted:
"Just spoke to my friend MBS (Crown Prince) of Saudi Arabia, who spoke with President Putin of Russia, & I expect & hope that they will be cutting back approximately 10 Million Barrels, and maybe substantially more which, if it happens, will be GREAT for the oil & gas industry!"
You know who this won't be great for? Americans. That is, those Americans who buy gas.

You may have noticed that gas prices have dropped considerably. I have a friend who texted us a picture of pump prices just over $1 a gallon! While I haven't seen that, here it's around $2.30 a gallon, which is still pretty low. These prices are due to the overproduction by Russia and Saudi Arabia. So what will happen when they decrease production? Gas prices will rise, right in the middle of a huge economic downturn and millions out of work.

Thanks, Trump.

Oh, and please note "my friend" MBS. MBS is the Crown Prince of Saudi Arabia who had Washington Post reporter Jamal Khashoggi tortured and then dismembered with a bone saw. Nice friend.


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