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OPEC, Russia approve biggest ever oil cut

19 Comments
By Katya Golubkova, Rania El Gamal and Ahmad Ghaddar

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19 Comments
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Once again the globe's oil powers look out for themselves, and of course their financial backers while maintaining their control over governments.

Way passed time to wean ourselves from burning so much oil and gas.

Way passed time for taxpayers to stop subsidizing (100+ years in the US) big oil corporations while their execs pull down multi-million dollar salaries AND get tax breaks.

Way passed time for countries to stop spending so much for wars for oil and gas. And their shipment.

NB I am NOT saying stop using oil. I am saying stop burning so much and stop giving so much power and control to the oil barons.

4 ( +5 / -1 )

Hopefully this will stave of the risk of global deflation.

0 ( +2 / -2 )

So oil companies won and will pay more for petrol. Great news.

0 ( +1 / -1 )

Equal to the amount imported by America daily, 10 million barrels. Trump threatened to impose tariffs on foreign oil.

Good.

-2 ( +1 / -3 )

Donny sure loves interfering in the free market, and his fans cheer him despite claiming to be free market capitalists. Smh.

2 ( +3 / -1 )

There is two sides to this sword... it is not the katana or kitchen knife...

Lowering production reduces the quantity of oil (supposedly - it is agreement only any not confirmable) but the price is kept high... the world is suffering due to the China virus and expenses are great... for countries as well as the people..., even if usage is less, those that are operating need lower cost of fuel... they have "less" revenues to support a high cost of energy...

When the economy opens up again.. people who wants goods and services do not or may not have the money and resources to be paying high prices for products and services... but will have a greater need for energy sources such as oil... to rebuild...

I am certain that Trump had considered that edge of the sword...

Saving workers jobs definitely makes sense, it keeps a level and a standard of operational costs making it easier for companies to return to production and people employed. While it is easier to drop prices when necessesary but it is always difficult to "raise" prices in this low price conscious world, which started with relentless competition and labor cost control used by China to manipulate the markets world wide...

0 ( +0 / -0 )

So Trump is happy he has increased the price of fuel for everyone to save jobs in an industry that is

behind global climate change. Yes, he is the champion of the little man. He is a corporate tool and cares nothing for the working men and women who have to pay more for gas very soon.

1 ( +2 / -1 )

PTownsendToday 06:58 am JSTOnce again the globe's oil powers look out for themselves, and of course their financial backers while maintaining their control over governments.

Way passed time to wean ourselves from burning so much oil and gas.

Way passed time for taxpayers to stop subsidizing (100+ years in the US) big oil corporations while their execs pull down multi-million dollar salaries AND get tax breaks.

Way passed time for countries to stop spending so much for wars for oil and gas. And their shipment.

We need to concentrate more on cleaner and more reliable energy. Stop funding these totalitarian dictatorships like Saudi Arabia. The wars of the past nearly 30 years have nearly all been about petroleum, and soldiers return sick + injured in every way for life while the public enjoys the reality TV 'spectacle' at home and cheer. The oil wars have destroyed the economic, social, moral, etc. fabric of America and as a veteran I am SICK of it!

1 ( +2 / -1 )

So Trump is happy he has increased the price of fuel for everyone to save jobs in an industry that is 

https://www.businessinsider.com/oil-price-crash-market-drop-global-price-war-futures-coronavirus-2020-3

Yay!

behind global climate change. Yes, he is the champion of the little man. He is a corporate tool and cares nothing for the working men and women who have to pay more for gas very soon.

If that were true then he wouldn’t have middle America voting for him again in November.

-3 ( +0 / -3 )

If that were true then he wouldn’t have middle America voting for him again in November.

Lots of time between now and election day. Workers living on unemployment insurance and the US$20./day the feds might give them and told by Trump's fellow elite they should be able to live on that might feel different about who they'll vote for come November. Who knows how many of those heartland workers won't be coming back to work at all. Who knows who'll thy'll think responsible for them not having jobs. Trump and his media are going to be up against it trying to tell unemployed workers he 'doesn't take responsibility for that at all'. I think lots of those workers will prefer a leader who does take responsibility.

1 ( +1 / -0 )

No mention in the article how much America's cut in production is, Trump wants all the other oil producing nations to cut their production, but is Trump going to cut the US's , from the article, it seems he is only interested about the price of oil and not really caring about the workers within the oil industry.

2 ( +2 / -0 )

Trump threatened to impose tariffs on foreign oil.

go ahead make your industries even less competitive, soon everything will be too expensive to buy from America, better to get it from others.

0 ( +1 / -1 )

Expect higher prices at the gas pump

(And other stuff associated with that, like higher airline ticket prices)

1 ( +1 / -0 )

Lots of time between now and election day. Workers living on unemployment insurance and the US$20./day the feds might give them and told by Trump's fellow elite they should be able to live on that might feel different about who they'll vote for come November. Who knows how many of those heartland workers won't be coming back to work at all. Who knows who'll thy'll think responsible for them not having jobs.

And sleepy Joe would provide them better job opportunities? Lol

Trump and his media are going to be up against it trying to tell unemployed workers he 'doesn't take responsibility for that at all'. I think lots of those workers will prefer a leader who does take responsibility.

I think you’re way too ahead. If that’s the case then Joe isn’t the guy with the baggage he has. 40 years of that.

-1 ( +0 / -1 )

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