Read the latest insights and analysis from the experts at Oil Change International.
Less than two weeks into the assault on Iran, Trump stated on social media that “the United States is the largest oil producer in the world, by far, so when oil prices go up, we make a lot of money.” Nothing says “America First” better than decimating the global economy while boasting about turning a profit.
The Iran crisis is now exposing that vulnerability in real time, as LNG prices across Asia have nearly doubled within weeks. But this isn’t just Japan’s problem. Through years of state-backed financing, Japan has exported the same risky energy model across Southeast Asia
Trump’s illegal war with Iran has already taken a devastating human toll. It could also mean higher energy bills worldwide, while fossil fuel companies, traders and investors get rich.
Remembering past struggles against oil: Ida Tarbell, Mohammed Mosaddegh and Ken Saro-Wiwa.
In the short-term his political base may be happy, but in the long term, once again Trump has shown that by opening his mouth he has shot himself in the foot.
They came. They talked. They talked some more. They failed to reach a deal. And so the turmoil within the global oil industry continues.
So the slide continues with no end in sight. As expected this morning, the oil price has fallen below $28 a barrel on the back of the historic news over the weekend of sanctions being lifted on Iran.
As world leaders converged on the Swiss town of Lausanne over the weekend, their historic deliberations about Iran’s nuclear programme were said to have reached the “end-game” before the deadline at the end of the month.
