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Oil May Never Hit $100 Again

Oil May Never Hit $100 Again

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Julianne Geiger

Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.

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Trump Prepares Aid Package To Relieve U.S. Oil Producers

The Trump Administration will review solutions to the pain felt by US oil producers as oil prices fall to multi-year lows on Monday, according to Bloomberg.

Administration officials will present the President with options, which will include financial assistance to industries affected by the coronavirus and the oil price crash. These measures may include cash injections, tax credits, payroll tax cuts, and tariff reductions on specific Chinese imports, Bloomberg sources familiar with the matter said on Monday.

Oil prices fell sharply since on Monday after the OPEC+ talks fell apart on Friday and Saudi Arabia and Russia vowed to increase oil production in an oil price war that saw Saudi slash its OSP for April by between $6 and $8 per barrel.

By Monday afternoon, the WTI Crude grade had fallen 25.02% to $30.95—the largest oil price slide in years.

US oil companies were hit hard on Monday, with Chevron (-15.37%), Occidental (-52.01%), Apache (-53.86%), Marathon Oil (-46.81%), ExxonMobil (-12.22%), EOG Resources (-31.98%), ConocoPhillips (-24.87%), and Pioneer Natural Resource (-36.96%), all falling sharply on the day.

While US oil companies may be feeling the pinch, US consumers—mainly drivers—may be in for a real treat, with gasoline prices at the pump expected to fall. Average gasoline prices in the United States are already the lowest they’ve been in a year, according to Gas Buddy. Gasoline could dip below $2 per gallon in the coming weeks if the oil price war persists, Patrick DeHaan, head of petroleum analysis at Gas Buddy told USA Today.

And as gas prices go down, discretionary spending goes up—a positive development for the economy.

By Julianne Geiger for Oilprice.com

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  • Stephen Sadd on March 09 2020 said:
    "Trump Prepares Aid Package To Relieve U.S. Oil Producers"

    Sorry, please tell Mr Trump Ass, this is NOT aid, it is a BAILOUT with the peoples money! That is what this deceitful grub is about to do, BAILOUT all the failing multi-national businesses, like Airlines, like Tech, Tourism, etc! This is actually, Socialism! And what Trump Ass and the Fed are doing is Socialism to the 1st Degree, shifting the wealth of middle-class to the 1%.

    Republican, Democrate, they are just a two-headed snake, same stinking BS!
  • Victor Edwards on March 10 2020 said:
    The sad reality is that we will bail out - that is what this actually is - rich oil companies, who hide their profits offshore and mock us Americans, yet let the taxpayers and workers of the nation languish and suffer the weight of this with little or no help. The end will be that Occidental will get a couple of billion dollars - which they will immedidately hide in some shelter offshore - while taxpayers get $17, not enough to fill my tank one time.
  • Tony Mark on March 10 2020 said:
    Socialism is wrong for poor but socialism is good for corporations, such a stupid Trump is, corporate welfare need to stop, people are dying daily due to low wages and cant even afford to rent with two jobs, such a shame that he will hand over our tax money to billionaires who must be responsible for their own choices and crimes, that is not how free market work!
  • Mike Berger on March 10 2020 said:
    You have got to be kidding.

    Can't have medical care to expensive.

    But we can bail out private oil companies...
  • Lee James on March 13 2020 said:
    Trump has previously backed fossil fuels as a very important industry. I think he likes coal the best, but oil is really really big. Is it any surprise that he wants to come to the rescue?
  • John Rogers on March 16 2020 said:
    President Trump is shoring up the oil companies so we don't get under the thumb of Russia and the Middle East. We don't want to be controlled by hostile governments.
  • Ron Walsmith on March 16 2020 said:
    No sane person wants to see foreign dictators (Putin is a dictator through 2036) and despots like the Saudi king destroy our energy industry or farming industry which runs on energy.
    Furthermore, automotive workers, in fact most union and business workers don't want to give up their really good medical insurance for really crappy Medicare For All. One of the things socialists do when they get control of a country is to destroy democracy and the economy. Just look at Venezuela.
    No country can stand very long if they spend more money than they make. Neither can a country thrive if it intentionally destroys jobs and the lives of thousands of families.
  • Lucas Dowdy on March 18 2020 said:
    This Virus is destroying the economy, not trump! This just shows us how Americans as a whole are so ignorant! Don’t talk about stuff you know nothing about! The Oil and Gas industry is part of every Americans daily life!!! #food#water#clothes#transportation all the way down to medication. America doesn’t have the infrastructure to go total green, hence oil and gas industry!! If Trump does nothing to help the oil and gas industry Americans will suffer to an unfavorable time!! Big oil and gas companies support so many small economies #small service companies that they hire!!! Isn’t that that the definition of the American dream???
  • paul waters on March 20 2020 said:
    Idiots - oil is crashing because demand is. cheap gas means nothing to people locked down. The fact that the MBS and Putin want to crush US shale and have been playing donnie diapers all along, is the cherry on top. The flood on the market drops prices for all. Fossil fuel market wants to exploit the situation (shocker), and just want to get what they can, while they can. the orange clown gets played again. The fact that oil execs are willing to destroy what's left of the planet for additional unnecessary profits which is their grandchildrens future, just makes it all that much more sick.

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