If you’re lucky enough to be able to leave your home while many are under lockdown, you may have noticed that gasoline is getting absurdly cheap — in at least one area it was sold for under $1 per gallon.
Of course, there’s a lot more that goes into that number than the whims of the man who spends a 12-hour shift between the Slim Jims and the lottery tickets.
World demand for gas and oil has plummeted since the start of the current pandemic thanks to a combination of factors, including a sharp decrease in land, air and sea traffic.
Supply and demand affects everything, after all, including our own oil markets.
For American energy companies, especially those that deal in shale oil, the downturn in demand for oil is a danger to revenue and the livelihoods of the 150,000 who work in the industry.
China ties suspected in sprawling California pot operations as GOP urges FBI probe
Bush family royalty backs Democrat in battle to flip Texas blue
Vivek Ramaswamy lags behind Democrat Amy Acton in race to keep Ohio governor seat red
Alberta votes overwhelmingly to remain part of Canada in referendum
POTUS Wants Answers: Kennedy Center Chaos as Ric Grenell Accused of Selling White House Access, $5.6 Million ‘Donation’ Allegedly Missing
Bombshell Claim: Comer Says Ilhan Omar’s Winery Sold Empty Barrels to Investors
Midwest pro-Trump state could hold key to Republicans’ midterm hopes
Trump puts fraudsters on notice with $25M whistleblower program offering cash for tips that deliver
Marine Le Pen vows to be the one to end ‘decades of anarchic immigration’ as France is torn apart by riots
Rogers argues El-Sayed is vulnerable with 2 traditionally Democratic blocs as Obama heads to Michigan
UNC settles Trump admin probes into alleged campus antisemitism, race-based admissions
Rogers warns Michigan voters against El-Sayed’s ‘extreme’ agenda ahead of election
Watch: Trump Calls Slotkin ‘Lowlife’ for Plan to Terrorize, Deter Future Conservatives With the Threat of Legal Punishment
Watch: Dem Sen So Radically Ignorant on Iran That CNN Has to Educate Him – So Bad, CNN Even Takes Trump’s Side
Rediscovered DHS Docs Suggest Ilhan Omar May Have Never Been US Citizen in First Place
Having successful domestic energy companies is a boon to average Americans, who would benefit from having access to cheap fuel regardless of the designs of other nations.
For countries like Saudi Arabia, a powerful player in the Organization of the Petroleum Exporting Countries oil cartel, American energy independence is a direct threat to its status quo.
Until now, there was little the Middle Eastern country could do to combat the success of United States energy. With the downturn in oil prices and tough times ahead for U.S. oil, the Saudis have taken the opportunity to turn on America in an attempt to bring us to heel.
Saudi Arabia isn’t dispatching troops for this attack but is sending a flotilla of supertankers carrying roughly seven times the normal amount consumed in a pre-pandemic month. According to The Wall Street Journal, the tankers are set to arrive throughout April and May.
Texas Sen. Ted Cruz, seeing the incoming bloodbath for the U.S. energy sector, sent the Saudis a single message: “TURN THE TANKERS THE HELL AROUND.”
20 tankers—filled w/ 40mm barrels of Saudi oil—are headed to the US. This is SEVEN TIMES the typical monthly flow. At the same time, oil futures are plummeting & millions of US jobs in jeopardy. My message to the Saudis: TURN THE TANKERS THE HELL AROUND. https://t.co/gYoQzvHAEQ
— Ted Cruz (@tedcruz) April 21, 2020
China ties suspected in sprawling California pot operations as GOP urges FBI probe
Bush family royalty backs Democrat in battle to flip Texas blue
Vivek Ramaswamy lags behind Democrat Amy Acton in race to keep Ohio governor seat red
Alberta votes overwhelmingly to remain part of Canada in referendum
POTUS Wants Answers: Kennedy Center Chaos as Ric Grenell Accused of Selling White House Access, $5.6 Million ‘Donation’ Allegedly Missing
Bombshell Claim: Comer Says Ilhan Omar’s Winery Sold Empty Barrels to Investors
Midwest pro-Trump state could hold key to Republicans’ midterm hopes
Trump puts fraudsters on notice with $25M whistleblower program offering cash for tips that deliver
Marine Le Pen vows to be the one to end ‘decades of anarchic immigration’ as France is torn apart by riots
Rogers argues El-Sayed is vulnerable with 2 traditionally Democratic blocs as Obama heads to Michigan
UNC settles Trump admin probes into alleged campus antisemitism, race-based admissions
Rogers warns Michigan voters against El-Sayed’s ‘extreme’ agenda ahead of election
Watch: Trump Calls Slotkin ‘Lowlife’ for Plan to Terrorize, Deter Future Conservatives With the Threat of Legal Punishment
Watch: Dem Sen So Radically Ignorant on Iran That CNN Has to Educate Him – So Bad, CNN Even Takes Trump’s Side
Rediscovered DHS Docs Suggest Ilhan Omar May Have Never Been US Citizen in First Place
The glut of oil entering the United States would undercut domestic energy companies, potentially undoing years of progress made under President Donald Trump.
It’s unclear when demand for oil will increase again, putting a giant question mark on the employment status of hundreds of thousands of Americans.
The move follows several others by Saudi Arabia that seem to reinforce the cultural and political differences between the kingdom and the United States.
The gruesome murder of Jamal Khashoggi, human rights abuses and other problems under the Saudi regime hint that a decoupling from America is not only likely, but unavoidable.
Just like with our increasingly rocky relationship with China, it seems America’s past attitude of seeing every nation as a potential friend is not going to fly in the 21st century.
If we can’t trust our own business partners not to undermine critical U.S. infrastructure, or even to tell us the truth about a viral outbreak, is it really worth maintaining these relationships?
Story cited here.
