“A glut of oil will soon hit the market”
Trump’s deal is bound to fail.
If it owned an oil well, the crew would be told to limit production to merely meet financial obligations.
If makes sense to increase oil production if the price is high and lower it if the price is low.
Russian oil exports might be eliminated. The EU, UK and Ukraine are trying to eliminate them.
It would make more sense for America’s petroleum producers to keep the price under control if not reduce it at the cost of profits until the elections are over. They should have learned from the Democrat Party’s war on their industry that they’re survival is best assured under Republican administration.
The stockholders will whine but it’s better to moderate and insure survival than to piss off your consumers so much that they turn back to the party dedicated to killing your business.
This line that prices are dependent on traffic through the Strait is smoke being blown up everyone’s keisters. We are an exporter that has no dependency on Middle Eastern oil that’s not the result of bad policies.
The tragedy here is our President being coerced to appear surrendering after having just demonstrated why America shouldn’t be fooled with. Bad precedent by who has been a good president.