On Saturday, the 4th of April 2020, the US President Donald Trump said to the reporters in the White House that he might have to incline an additional tariff on crude oil imports in order to “protect” the US energy workers from a horrendous oil price crash stemmed from a crude oil price war between the world’s largest crude oil exporter, Saudi Arabia and the second-largest crude exporter, Russia.
In point of fact, the US President latest remark comes over the heels of a red-alert from the Paris-based IEA (International Energy Agency), an intergovernmental agency developed back in the 1974 following the oil crisis of 1973 to establish a framework of economic cooperation and development, which was quoted saying last week that a majority of US Shale producers would not survive until the second half of May unless Government stimulus adding a further exacerbation of the crude oil price war between Saudi and Russia could witness an end of onshore oil drilling for major US Shales.
Meanwhile, citing that he was not mulling tariff as a potential option at this moment, but could instrument it as a weapon “unless the United States was not treated fairly,” the US President Donald Trump said on Sunday (April 5th) following a meeting with the industry executives, “If I have to do tariffs on oil coming from outside or if I have to do something to protect our ...
tens of thousands of energy workers and our great companies that produce all these jobs, I’ll do whatever I have to do. ”