There is only one oil story worth concentrating on this week, and the market’s reaction to it tells us so much about our oil positions that it deserves to be the only topic of discussion for this column:
President Trump has decided to pull out of the Iran nuclear deal, a move he threatened to make throughout his presidential campaign.
The first point I want to concentrate on is how predictable this move was from President Trump.
If nothing else, our President has had one lone but consistent aim; to try faithfully to follow through on his campaign promises, no matter how outrageous or impossible their implications might be. Many of us thought that much of the rhetoric that Trump used during the campaign would be forgotten under the weight of responsibility that comes with being President, but much to the contrary, he has pursued even the most impractical proposals he laid out on the campaign trail.
He has so far tried and failed – three times – to initiate a Muslim ban.
He’s also tried several avenues to gain funding for his promised border wall with Mexico, also without success.
With more success, he scuttled the Paris Accord and the Trans-Pacific Partnership, while putting parts of the NAFTA agreement on life support.
He’s delivered on his tax cut promise, even if it was far more business oriented than what he probably envisioned, and he has significantly cut into environmental regulations and restrictive…