Buy cheap, sell dear

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Meanwhile, as the Wuhan Virus is occupying people's thoughts, there is an oil war going on. President Trump is on it.
From Breitbart:

Trump Orders Department of Energy to Replenish U.S. Strategic Petroleum Reserve in Coronavirus Era
President Donald Trump announced during his press conference on Friday on the coronavirus outbreak that the United States will be replenishing its Strategic Petroleum Reserve (SPR) to ensure the nation’s energy security.

“Based on the price of oil, I’ve also instructed the Secretary of Energy to purchase at a very good price large quantities of crude oil for storage in the U.S. strategic reserve,” Trump said at the press conference in the White House Rose Garden.

“We’re going to fill it right up to the top, saving the American taxpayer billions and billions of dollars, helping our oil industry [and furthering] that wonderful goal — which we’ve achieved, which nobody thought was possible — of energy independence,” Trump said.

Trump’s announcement follows market turmoil in the international market when Russia and Saudi Arabia’s negotiations recently broke down and the Saudis announced they were increasing production.

The Saudis do not like that the US is now a net exporter of oil so they are artificially lowering their price to below what it costs our frackers to produce. Fortunately, our government has stepped in with cheap loans - this war is not sustainable for anyone and the Saudis have to blink sometime. Meanwhile, we are taking advantage of the glut of cheap oil to top off the tanks. National security is a fantastic thing...

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This page contains a single entry by DaveH published on March 14, 2020 9:23 AM.

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