Oil is the single biggest source of income for Russia. Keep the pressure on SA!
The President should aggressively campaign on this.
Russia is waging an oil price war against the U.S. and its allies.
Russia wants to hurt a vital sector of the U.S. economy in an election year.
All the Rats’ rants about Russia supporting Trump are B.S.
Heck yeah! Gas back to .19c? Woo Hoo! LOL!
Two third world hellholes going at it.
Interesting game of chicken. The Saudis need oil above $80 per barrel to break even from a fiscal standpoint as oil is an important source of funds for the government. The fiscal break even point for Russia seems to be around $50 per barrel. The Saudis have a advantage in having a much bigger piggy bank in their sovereign wealth funds.
US frackers now have a production cost of $27 a barrel. They will not be knocked out by SA and Russia so easily this time around.
In fact, SA and Russia may be crying for mercy instead. SA needs $90 a barrel to run its welfare state, and Russia needs $50 just to pay their bills at their current low standard of living.
And boomers who lived thru gas lines in the 70s find this scenario incredulous. Like did Trump ask SA to not pump so much so the price stays high?
Saudi Arabia wins, no contest. Many of the best petroleum engineers based in Texas often work for Saudi Aramco, and the oil terminal at Dhahran is one of the most modern in the world.