If some people, like the last president, get the Nobel Peace Prize for nothing…perhaps President Trump should get the Nobel Peace Prize for ending an economic war and leading the world out of a deadly pandemic?
Don’t hold your breath waiting for it.
But discounting international baubles, President Trump has won an oil war that this country was involved in as a strong player. Using his noted negotiating skills, Trump brought Russia and the Saudis to the table and knocked heads together. The conflict was over supply and thus price, as there is a massive glut in the oil market. That extra supply and low price does benefit Americans at the gas pump, as prices are down to a dollar a gallon at certain locales. But it hurts the U.S. oil industry and the many people that industry employs.
The situation is such that there are, as the president has pointed out, numerous tankers full of oil waiting on the high seas. They are waiting to deliver their product to port only when the price for oil goes up.
So what was needed was a sensible policy that means stable legitimate pricing and robust employment in the industry. Donald Trump made that happen and brought the Mexicans along in the bargain because of his close relationship with the Mexican president.
Trump Energy Secretary Dan Brouillette commented on Fox Business on Monday: “The historic agreement that we saw over the weekend from OPEC and OPEC+ is roughly 10 million barrels, but that is in fact only half of the story. When you add up all of the production cuts around the world, we’re going to be much closer to 20 million barrels per day coming off the market.”
He continued: “This was an extraordinarily complex deal that was struck by OPEC and OPEC+ members. We hope that we will see the return of the energy industry very, very quickly.”
And he concluded, saying, “The fact that we are able to produce the amounts [of oil] that we are able to produce today placed the United States of America, and placed this president, in a position of strength in order to bring this deal together.”