Once again countries all around the world can keep drilling themselves for oil and gas, and like always dump it on the world market.
Once again, not all oil is good for use in America, we have higher standards, we like to breath, and drink water, in other countries with less regulation they can destroy the environment, that is why they are called third world nations.
For rooster - "The recent drop in prices is due to a classic imbalance between supply and demand, rather than expectations for a Trump-fueled surge in domestic oil production, Lipow said. OPEC+, a group of major oil-exporting nations, announced plans earlier this month to increase production over the next 16 months. And there are signs of weak demand for oil on the horizon, especially in China, Lipow said.
But if the price of oil drops significantly, it could end up slowing production altogether, Lipow added, because American oil producers can’t make a profit on oil that’s too cheap for their balance sheets, let alone anywhere near Navarro’s $50 price target.
“From a producer perspective, they need prices closer to $70 a barrel,” Lipow said.
Trump’s promises to slash oil industry regulations could lower the price that producers need to break even, but not enough to spur production. And Wednesday’s tariffs on foreign steel imports are likely to increase costs for producers, Lipow said,
“Drill baby drill is going to be offset by rising costs, especially the steel used at the oil well,” he said. Even domestic steel prices are likely to rise, as American steel companies take advantage of decreased competition. Overall US spot steel prices are up more than 30% in the last two months in anticipation of the impact of tariffs, said Phil Gibbs, steel analyst at KeyBanc."
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