A day after meeting big oil bosses at the White House last Friday, Donald Trump was at his usual chest-thumbing best defending an industry he loves: “I am a big believer in our great energy business, and we’re going to take care of our energy business,” he said at a press conference.
Later today, U.S. President Donald Trump is set to meet with at least seven senior oil executives in person at the White House to discuss the historic plunge in the oil price.
It would make a great April Fools joke. Investing $5 billion in a product that is nearly worthless in the middle of a global pandemic, which puts communities and construction workers at risk. Make sense to you? No, of course it doesn’t. You would reply: “Don’t be so stupid! That must be a joke.”
Warren Mabee, the director of the Institute for Energy and Environmental Policy at Queen’s University, said he "wouldn’t be surprised if Canadian crude prices briefly go negative - a scenario where producers are paying people to take away product.”
Later today, the Senate is set to vote on an unprecedented $2 trillion bi-partisan stimulus package that is designed to try and prop up a creaking American economy, which has been brought to a juddering halt by the Coronavirus.
The unthinkable could soon be thinkable.
