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Wed Apr 22, 2020, 08:14 AM

Emptiness Of Shitstain's "Big Oil Deal" Highlighted W. Oil Price Collapse; What Next For TX, PA?

President Trump hopes to use his success in helping broker an oil deal earlier this month to boost his 2020 prospects at a time when a deepening recession threatens it.

Yet a week after the deal was reached, U.S. oil prices plunged off the cliff yesterday into negative territory for the first time ever. The dynamic is stirring the political debate about whether oil could be a deciding factor in a presidential election for the first time in decades: Could it sway voters in shale-rich Pennsylvania? Could a collapse help Democrats win over congressional seats in Texas? Will Trump's April 12 tweet boasting that the deal would "save hundreds of thousands of energy jobs" be viewed as a "mission accomplished" moment, like that of George W. Bush prematurely hailing victory in Iraq?

Trump yesterday downplayed the price drop, telling reporters it was due to short selling in the financial markets and that prices would rebound. "If you look a month into the future, I think it's at $25 or $28 a barrel," Trump said at a White House briefing. "We've already done that," he said in rejecting the idea that Saudi Arabia or other countries should cut production further.

Immediately after the Trump-enabled deal between Russia and Saudi Arabia to cut oil production on April 12, Trump's reelection campaign started touting the president's role in securing the agreement and attacking his likely Democratic challenger, former Vice President Joe Biden.



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