President Donald Trump said on Saturday that he “does not care about OPEC” and that he will order taxes on oil imports to the United States if he has to in order to protect the oil industry at home?
Trump pointed out that OPEC works to the advantage an foreign-based oil cartel and Saudi Arabia and that a deal could be made soon at a 10-million-barrel reduction “or much more than that.”
In the meanwhile Trump prefers to tax his own people to relief the sinking US shale business all together. The same thing happened with the trade war against China, both countries raised taxes on their own populations, acting like punishing each other’s businesses?
OPEC+ countries, including Russia are set to meet in the coming week to discuss the potential of reviving an oil output cut deal that expired on 31 March after its members were unable to agree on an extension of a deal to limit oil production.
Jason Kenney, the premier of the oil-producing Canadian province of Alberta, suggested that the organization had to find a solution to the ongoing issue.
If the dispute is not resolved, the US regime and Canada may potentially impose tariffs on oil imports from Russia and Saudi Arabia.
Trump and the Alberta premier stated that, Opec+ started this fire and they have to put it out. We’re not going to surrender our industry and we’re prepared to go the distance here.
Adjust that back 40% to account for a grossly over inflated USA Dollar and the real economy emerges.
Sputnik / ABC Flash Point News 2020.