The problem is we are a major exporter of Oil. Russia is forcing the price per a barrow down threatening the Oil Shade Industry here. We export more then we import. Not sure how the 20% import tax will help.
This is a trade war started by Russia.
The taxpayer is being hurt by the market crashing. Not sure how that is effecting other sectors of the Market. I do see lots of buying opportunities.
“Not sure how the 20% import tax will help.”
Agree, probably more like $20-$25 per barrel, in order to make the imported price roughly equal the shale price. That way oil companies don’t go running off to the Middle East to bring us cheaper oil - while driving millions out of work here.
...of course we’ll pay a price for the import tax, but after seeing how China drove our manufacturing out with low prices, only to raise them after we (literally) loaded up our factory equipment and sent them over to China, I think it’s well worth the cost.
Given all I’ve seen in the past 6 weeks, my libertarianism ends at our country’s borders.
What if the USA places a tariff on Russian oil? Would that be a positive or negative. Note ... I am just asking not concluding.
We import more crude oil than we export. We do export finished products like gasoline, diesel and propane. We also export LNG and and coal. WE STILL NEED TO IMPORT 6 MILLION BBLS/DAY OF CRUDE OIL TO MEET DOMESTIC DEMAND. THE USA IS NOT SELF SUFFICIENT IN CRUDE OIL.