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White House convenes oil CEOs as bust threatens U.S. boom

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By ELLEN KNICKMEYER and CATHY BUSSEWITZ

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want Trump to press global mediation to encourage major oil producers to ease back on pumping. That would likely take pledges from U.S. oil producers to ease pumping as well, something it’s not clear they’re willing to do.

I suppose they could use the emergency situation involving the pandemic to skirt around the legality of this, but under normal circumstances wouldn't this be deemed collusion? The reason that no OPEC equivalent exists in the West is because price fixing is usually considered illegal.

5 ( +5 / -0 )

Trump talked of working with Saudi Arabia and Russia

Trump, MbS and Putin. Leading the cabal which is using the breakdowns resulting from the spread of the virus while seeking global hegemony.

“We'll work this out,” Trump promised the oil executives.

Trump speak for 'more subsidies (aka welfare/socialism for the rich) for you because you've contributed so much to my campaigns'.

If the US economy truly was based on 'free market capitalism' the subsidies would be removed, allowing alternatives to big corporate oil to compete on a more level playing field. But instead we'll see Trump and the powers that are continue to use national socialism tactics.

5 ( +6 / -1 )

more subsidies (aka welfare/socialism for the rich)

Literally millions work in the oil/gas industry. This is a lot larger than just some rich executives.

subsidies would be removed, allowing alternatives to big corporate oil to compete on a more level playing field

You do realize that green energy and technology, such as wind, solar, and electric vehicles receive enormous subsidies, right? Most of the supposed fossil fuel subsidies aren't even real subsidies but rather tax repatriation breaks (e.g. Exxon drills oil in Nigeria and doesn't have to pay tax on those profits made in Nigeria to the U.S. government). I see environmentalists always citing them when talking about subsidies, even though it's blatantly disingenous.

-9 ( +1 / -10 )

roiling global oil markets amid threats to America’s yearslong fracking boom and the global pandemic.

Yesterday I pointed out false flag and market exchange manipulation by the white collar criminals, today in this article is point proof fact number 2. Each time such news would send the exchange futures market off the charts and the prices of dollar exchange plummeted or went up. Today same old excuses given for this and the slight to variant changes. How can one trust what is real or fake anymore, much less worthy. You have a fuel production refinery yet off premise businesses are sold gas at higher market value which raised gas prices, while those farthest away businesses are buy gas much cheaper hence sold for less to the consumer.

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@Lllyas "do realize that green energy and technology, such as wind, solar, and electric vehicles receive enormous subsidies"

Well, no. *At over $400bn in 2018, global fossil fuel consumption subsidies were more than double those for renewables. Am sure you'll find similar figures for 2019.*

Oil, like tobacco and gambling is an economic bad - and should be taxed not subidised.

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Literally millions work in the oil/gas industry. This is a lot larger than just some rich executives.

Indeed the fossils (the supposed 'elite') running the fossil economy have not allowed competition, putting millions at risk by doing so. Way beyond time to shift away from the fossil/fossilized economy. Does anyone know when the big oil execs get bailed out whether they'll give themselves bonuses for getting more 'free stuff' from the government? And given the tax breaks Trump etal have given them will they be able to write those bonuses off?

3 ( +3 / -0 )

You do realize that green energy and technology, such as wind, solar, and electric vehicles receive enormous subsidies, right?

Yes. The subsidies are well worth it to me. Especially when the costs of healthcare and cleanup paid for by the public and governments because of the negative externalities (pollution, etc.) of burning huge amounts of fossil fuels are factored in. NB I am NOT saying stop burning fossil fuels. I'm saying find ways to burn less.

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So Russia is pushing for a free market in which everybody just produces what they can and the forces of demand and supply will set the price but America wants to have governments set the price.

We're back to the Cold War except the ideologies are reversed.

-4 ( +2 / -6 )

We're back to the Cold War except the ideologies are reversed.

Interesting point. Fascinating but worrying watching Russia copying the political/economic system that led the USSR to break with one of its partners and then go to war with them in 1941.

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Bailing out billionaire corporations and giving them access to on the spot testing.

Meanwhile, the people suffer and die.

Something's got to give.

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Indeed the fossils (the supposed 'elite') running the fossil economy have not allowed competition

What competition to fossil fuels are you envisioning? The only renewable energy source that can serve as a baseline power source is hydro, which is geographically limited. The only other viable options are coal, natural gas, and nuclear. Wind and solar and the associated battery technology required are insufficient to act as a baseline power source. Paradoxically it was actually fracking that did the most to allow the US to reduce greenhouse emissions by crashing the price of natural gas and encouraging the swap from coal to natural gas electric plants.

Way beyond time to shift away from the fossil/fossilized economy

Only way that's ever going to happen is if Earth has a much smaller human population or if a miracle happens with nuclear fusion.

-6 ( +0 / -6 )

PT, you said before that the Saudis, Russia and US big oil were in a big "cabal".

If that's true, how come they are each trying to put each other out of business?

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If that's true, how come they are each trying to put each other out of business?

Are they? I don't have access to the info and data various 'internet research' agencies have so will just have to wait until more info and data become available to decide for myself whether they're cabal-ing up or putting each other out of business. Either way, I find it's worrying that any of the fossil powers are putting the world at greater risk of having to breathe more pollution from burned fuels and even worse more wars for greater control of them. And their shipment.

0 ( +0 / -0 )

Yes. The subsidies are well worth it to me. Especially when the costs of healthcare and cleanup paid for by the public and governments because of the negative externalities (pollution, etc.) of burning huge amounts of fossil fuels are factored in.

There are significant externalities to fossil fuels. The positive externalities are orders of magnitude greater. Fossil fuels have allowed billions to escape poverty and extend life expectancy significantly.

Bailing out billionaire corporations and giving them access to on the spot testing.

With $2 trillion everyone gets a bailout. As for millionaire executives, the test they got before meeting with the president wasn’t their first test.

Meanwhile, the people suffer and die.

You don’t think millionaire Hollywood stars or billionaire liberal political donors are not also being tested while the poor and unfortunate suffer and die? What are the chances that Jimmy Carter, Bill Clinton, and Barack Obama and their families have already been tested? The wealthy and well connected always get better treatment than garbage collectors and gas station attendants. isn’t that what incentivized people to be successful. Even in Communist countries the elite get treated better than the proletariat.

-5 ( +1 / -6 )

It's a fracking mess!

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Trump, MbS and Putin. Leading the cabal which is using the breakdowns resulting from the spread of the virus while seeking global hegemony

Nonsense.

“We'll work this out,” Trump promised the oil executives.

Trump speak for 'more subsidies (aka welfare/socialism for the rich) for you because you've contributed so much to my campaigns'. 

Temporary, but if the US and Serrano industry, like oil, commerce, food, delivery, medical supplies, electrical to name a few doesn’t remain open and continue service, you will walk into a slow financial depression.

If the US economy truly was based on 'free market capitalism'

As it should be.

-7 ( +0 / -7 )

Donny has already walked us into a slow financial depression with his incompetence and contradiction of the experts. The second Republican president to do so since 2006. I see apartment here.

If the US has a free market capitalist system, why do we have socialized roads, socialized fire departments, socialized police departments, etc.? Seems socialism works well even when it’s not “temporary.”

6 ( +6 / -0 )

No new action on the oil crisis was immediately announced at Friday's gathering — other than Trump offering to use his position to try to get the oil executives tests for coronavirus, if they chose.

“Would anybody like to be tested?” Trump asked. “We might be able to do that.”

"Let’s test these guys,” Trump added. “Listen, they gave us millions of jobs. If anybody wants to be tested, we’ll test them.”

With all the bad news around me I can hardly put up a smile now but this is so funny it makes me laugh.

1 ( +1 / -0 )

So if liberals want to take give the previous administration credit for the economy for the

last 3 years, so now that the economy is tanking that falls into their lap as well. Thank you.

-9 ( +0 / -9 )

The economy tanking is completely due to Donny’s incompetent response to this crisis. He didn’t take it seriously for months, contradicted the experts, and fought the Dems when the Dems were trying desperately to get relief to Americans. These are facts and I’ve repeatedly posting links to the evidence.

3 ( +3 / -0 )

So if liberals want to take give the previous administration credit for the economy for the

last 3 years, so now that the economy is tanking that falls into their lap as well. Thank you.

Best joke of the day - hands down.

After crowing about how well Trump's economy has grown over the past three years due to his "genius" leadership, and that the economy will ensure his re-election, when it goes bust, they fall back on their favorite bogeyman - Obama... Pathetic.

Just scroll through their post archive and you'll see post after post of them saying "sure, Trump may have messed that up, but "its the economy, stupid". One poster here would always defend Trump by saying "my 401K is great". Sure, how's it look now?

The economy is a smoking hole...and it happened on Trump's watch - he owns it...

3 ( +3 / -0 )

Let’s test these guys,” Trump added. “Listen, they gave us millions of jobs. If anybody wants to be tested, we’ll test them.”

What a despicable person. Judges human worth on how rich they are or how many jobs they produce. Or how loyal they are to Trump.

4 ( +4 / -0 )

Shale oil costs $30/barrel to produce anything less then the oil companies are losing money. 10 million unemployed in the past two week.

Trump's strong point was the state of the economy but now it's crashing down on his head and will effect the way people vote come November.

4 ( +4 / -0 )

And through these trying times, it's always uplifting to see both large and small businesses who are suffering a downturn, take the courageous step of keeping their employees on the payroll to help them provide for their families...

Then of course, there are those cold-hearted companies that don't...

https://www.chicagotribune.com/coronavirus/ct-coronavirus-illinois-layoffs-trump-hotel-20200403-cu3yldo3svbcno7zvu6pyzus7i-story.html

2 ( +2 / -0 )

Russia and the Middle East are having a price war. They are flooding the market lowering prices because they need cash. Coronavirus is hitting the global oil markets too.

It was a publicity stunt to distract from his failure as a "war time" president. They have no plan! He wants them to respect him like they are at a casino with complimentary "COVID-19" tests.

Everyone, please vote in Nov. 2020!

3 ( +3 / -0 )

If the American economy tanks with high unemployment rates will be enough for Trump to be a one term president.

2 ( +2 / -0 )

They are flooding the market lowering prices because they need cash. 

Both Saudi Arabia and Russia probably are very worried about oil revenue reductions. How many thousands of Saudi royal (so called) family members are there. Each knowing only unearned wealth and living 'royally' off oil revenues. Putin's got his oligarchs accustomed to living 'royal' lifestyles. Oil revenues are necessary for MbS and Putin to maintain their control (and personal wealth). The Gulf states have populations of religious extremists that have been bought off. If those states lose oil revenues, they could lose control over the extremists. The Russian Federation has regions that have long been at odds with Moscow.

1 ( +1 / -0 )

Isn't it ridiculous that in the US, oil companies (or any companies for that matter) can donate money to political campaigns? If that isn't a form of bribery, what is?

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So the economy is tanking, millions are losing their jobs and Donny's brilliant idea is to pump up gas prices. This is right here is world class brilliance. Genius.

3 ( +3 / -0 )

And when Gates is asked about this subject, he doesn't sound like an escaped mental patient.

2 ( +2 / -0 )

The boom is not threatened. It is flat out done.

Many places in America have extended "stay-at-home" until the end of April and some until the end May.

The boom is over.

0 ( +0 / -0 )

After crowing about how well Trump's economy has grown over the past three years due to his "genius" leadership, and that the economy will ensure his re-election, when it goes bust, they fall back on their favorite bogeyman - Obama.

I seem to remember some crowing about how brilliantly their investments were doing, too. As they're predicting that the economy is going to come roaring back, now would be an excellent time for them to pick up some bargains with a view to making insane profits later. I wonder what they have the guts to buy.

1 ( +1 / -0 )

If the American economy tanks with high unemployment rates will be enough for Trump to be a one term president.

Doubted given the fact that Biden is proving to be more of a liability for the Dems than anything, now to be fair, he was getting in the ditch in the beginning of this crisis, but since he stopped fumbling around, he turned the tide and made up for it, not to mention the vast majority of Americans don’t blame him for what China unleashed on the world.

-5 ( +0 / -5 )

Trump uttered lie after lie in Feb downplaying the virus and saying it was "contained" - "that's China's fault"...

Dr. Bardot....as in Doctor, a trained and licensed medical physician said, we shouldn’t worry, false prognosis, should have never happened from the people we all should be listening to.

Trump bumbled getting testing kits and ventilators to the states - "that's China's fault"..

Trump instituting the travel ban was the smartest thing and saved thousands, great move and great move on him for calling out the Chinese for not taking responsibility for unleashing this virus knowingly how dangerous it was and not informing the world and lastly, great on this President for pushing hydroxychloroquine for at least pushing it and getting the word out there for people to at least give it a try.

-5 ( +0 / -5 )

Ptownsend:

Are they? I don't have access to the info and data various 'internet research' agencies have so will just have to wait until more info and data become available to decide for myself whether they're cabal-ing up or putting each other out of business.

By "waiting more info and data become available" you mean waiting until the mainstream media give you their talking points?

Meanwhile, in the real world, the massive production increase by Prince Mohammed, the resulting oil price drop, and the price level at which the US oil industry is competitive are not exactly secrets. This is really an issue that should be difficult to bend into a Tump bashing narrative.... but lets see what the MSM come up with.

-3 ( +0 / -3 )

Trump uttered lie after lie in Feb downplaying the virus and saying it was "contained" - "that's China's fault"...

Dr. Bardot....as in Doctor, a trained and licensed medical physician said, we shouldn’t worry, false prognosis, should have never happened from the people we all should be listening to.

Is Dr Bardot President? Or is he Brigette's husband?

Trump bumbled getting testing kits and ventilators to the states - "that's China's fault"..

Trump instituting the travel ban was the smartest thing and saved thousands, great move and great move on him for calling out the Chinese for not taking responsibility for unleashing this virus knowingly how dangerous it was and not informing the world and lastly, great on this President for pushing hydroxychloroquine for at least pushing it and getting the word out there for people to at least give it a try.

Sure was "contained" wasn't it? "Everyone can get a test"? "Within a couple of days the number of positive cases is going to be down to close to zero?” “Nobody could have ever seen something like this coming?”, "We’re very close to a vaccine?"

Must all be China's fault, right? And once again, why does he still get his ties and shirts made there?

3 ( +3 / -0 )

Meanwhile, in the real world, the massive production increase by Prince Mohammed, the resulting oil price drop, and the price level at which the US oil industry is competitive are not exactly secrets.

Uh, I thought Trump, Putin and MBS were all best buds...you know, Trump saying he believed Vlad over his own intel community, and then Donnie dismissing Kashoggi's murder....

So why have both launched a economic oil war against the US?

Sounds like they think Trump is weak...

2 ( +2 / -0 )

"This really requires......a national coordinated response...."

Well then, you are flat out of luck. Unless it involves cutting taxes for corporations, this White House is incompetent, plain and simple.

As for the current oil war, Putin started it with the intention of crippling the American shale industry, and there isn't much Trump is likely to do to upset his patron, Putin.

3 ( +3 / -0 )

great on this President for pushing hydroxychloroquine for at least pushing it and getting the word out there for people to at least give it a try.

This killed a man.

2 ( +2 / -0 )

Is Dr Bardot President? 

No, but the President listened to her, she’s the doctor.

Sure was "contained" wasn't it? "Everyone can get a test"? "Within a couple of days the number of positive cases is going to be down to close to zero?” “Nobody could have ever seen something like this coming?”, "We’re very close to a vaccine?" 

Dr. Fauci got it wrong quite a bit and he’s a doctor! Wow!

Must all be China's fault, right?

China is definitely to blame for this crisis.

-1 ( +1 / -2 )

White House convenes oil CEOs as bust threatens U.S. boom

A 20 Dollar oil price, caused by current Saudi oil dumping, does not only threaten a "US boom", it threatens the existance of the entire US shale industry. I can not think of any US president, regardless of party, who would not be forced to adress this.

Without even reading the comment section, I know that our usual Trump bashers are at it again. Of course, the same people would bash him if he did nothing. Kind of funny, but also sad.

-2 ( +0 / -2 )

bass4funk:

So if liberals want to take give the previous administration credit for the economy for the

last 3 years, so now that the economy is tanking that falls into their lap as well. Thank you.

Absolutely not! The moment the economy goes bad, it becomes the Trump economy for them. Scroll back in the comments.... I have been predicting this for years. (Not that it was a difficult prediction...)

-2 ( +0 / -2 )

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