Thursday, June 06, 2019

Energy 126, Oil prices now only $51+ per barrel

Good news. (1) World oil prices keep falling, now only $51+ per barrel vs $62 a month ago. (2) US oil production now 12.4 million barrels per day (mbpd) vs 8.8 mbpd end of Obama admin. (3) Despite Saudi oil production falling to 9.8 mbpd last April vs 11.1 mbpd peak production in November 2018.

Lesson: Trump and the US are winning in the battle to keep world oil prices low. Saudi, rest of OPEC and Russia are losers to force high oil prices. Putin and Russia hate low oil-gas prices, these goods are their main bread and butter.

Trump haters who enjoy the comfort of cheaper oil prices (for their cars, flights abroad, energy-intensive companies, etc.), despite the higher domestic oil taxes under TRAIN law, now they have more reason to lambast him :-)

See also:

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