Trump's oil-production pact may do little to help U.S. producers or drivers amid coronavirus [Los Angeles Times (CA)]
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Source: Los Angeles Times
The agreement announced Sunday by Russia, Saudi Arabia and other oil-producing countries to cut back output is not likely to raise fuel prices much for American consumers in the weeks and months ahead. That should be good news for the American economy and for President Trump. But these are not normal times. The coronavirus pandemic has created a painful bind for Trump and for the United States: Plunging oil prices, coupled with a huge glut in global oil inventories, are savaging the petroleum industry at a time when the U.S. has grown into the world’s largest oil producer. Long before he was elected president and continuing after he entered the White House, Trump lambasted attempts by OPEC, the oil cartel, to prop up petroleum prices by limiting production. That’s been a politically rewarding stance because lower oil prices are the equivalent of a tax cut for drivers, homeowners and many businesses: They put more spending money in people’s pockets and generate good will toward leaders
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