NOURNEWS - Economic Group: The most unprecedented drop in US oil prices came as US President Donald Trump has recently made many efforts to support the oil sector, including supporting OPEC and Russia 's decision to reduce production ceilings.
The United States, which has become the world's largest oil producer over the past decade due to shale oil, and Trump's "dominance of US energy" as a tool of foreign policy, is now at its worst with a sudden drop in oil prices to $ 40. A possible blow will experience its strength throughout history. The sharp decline in oil demand due to the homelessness of some 4.5 billion people around the world, following the outbreak of the coronavirus and zero US oil prices in the current crisis, could have the darkest outlook for the oil market and the US government. Despite such conditions, oil traders and producers have come to the conclusion that free delivery of oil to customers and even rewarding them in exchange for buying oil will cost less than stopping the oil field, despite filling oil storage facilities. Meanwhile, what has puzzled the Trump administration the most is the loss of his winning card for the November 2020 election, although he himself, willingly or unwillingly, is not only declining with unreasonable decisions about the current crisis, but also With unproven speculation that the Corona virus could be attributed to the Chinese and that the virus is laboratory-tested, it could effectively shake up the US government for the not-too-distant future. Meanwhile, the whispers of competition between the world's two major economic powers and China's victory in the post-World War II competition between American publications are complex;
And according to some US officials, the Corona epidemic has made the United States no longer have that efficient system of the past. An example of the inefficiency of the current US system is that in the past month alone, 22 million people have applied for unemployment benefits. Economists believe that the US economy has not shrunk since World War II.
In the current situation, Donald Trump is doing more than ever to compete with China and fear the decline in the post-colonial world to discredit his domestic and foreign rivals, as his superpower position is in grave danger. Sees!
NOURNEWS