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 :-)
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See also:
Energy 123, Gasoline prices in selected ASEAN, April 20, 2019
Energy 124, US, Russia, Saudi oil production, May 03, 2019
Energy 125, Falling world oil prices, June 02, 2019
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