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2020-04-18 Economy
The Russia-Saudi Oil-Price War Is a Fraud and a Farce
[UNZ] The Russia-Saudi oil-price war is a fabrication concocted by the media. There’s not a word of truth to any of it. Yes, there was a dust up at an OPEC meeting in early March that led to production increases and plunging prices. That part is true.
But Saudi Arabia’s oil-dumping strategy wasn’t aimed at Russia, it was aimed at US shale oil producers.
But not for the reasons you’ve read about in the media.

The Saudis aren’t trying to destroy the US shale oil business. That’s another fiction. They just want US producers to play by the rules and pitch in when prices need support. That might seem like a stretch, but it’s true.

You see, US oil producers are not what-you'd-call "team players". They don't cooperate with foreign producers, they're not willing to share the costs of flagging demand, and they never lift a finger to support prices. US oil producers are the next-door-neighbor that parks his beat-up Plymouth on the front lawn and then surrounds it with rusty appliances. They don't care about anyone but themselves.

What Putin and Saudi Crown Prince Mohammed bin Salman want is for US producers to share the pain of oil production cuts in order to stabilize prices. It's an entirely reasonable request....
Posted by Clem 2020-04-18 00:00|| || Front Page|| [8 views ]  Top

#1 
Yes, we're so awwwful that we won't play ball with all the state oil companies that have been trying to destroy us for the last fifty years.

The assholes who want absolute socialism use the fact that they haven't personally gotten absolute power yet as the excuse for waging a non-stop century-long war against the working class.

And they don't care that they've spent the last three and a half years issuing fevered rants and raves against the Crown Prince of Saudi Arabia and Putin, they're going to talk about how bad we are for not cooperating with them enough.
Posted by Thing From Snowy Mountain 2020-04-18 10:22||   2020-04-18 10:22|| Front Page Top

#2 
Yes, we're so awwwful that we won't play ball with all the state oil companies that have been trying to destroy us for the last fifty years.

The assholes who want absolute socialism use the fact that they haven't personally gotten absolute power yet as the excuse for waging a non-stop century-long war against the working class.

And they don't care that they've spent the last three and a half years issuing fevered rants and raves against the Crown Prince of Saudi Arabia and Putin, they're going to talk about how bad we are for not cooperating with them enough.
Posted by Thing From Snowy Mountain 2020-04-18 10:22||   2020-04-18 10:22|| Front Page Top

#3 I agree with #1, but #2 is crazy talk!
Posted by Frank G 2020-04-18 10:55||   2020-04-18 10:55|| Front Page Top

#4 Dunno what came over me. I wrote something a lot stronger, erased it, wrote the milquetoast thing without any reference to Cultural Revolution Cannibalism or Dignity Canals, and then it posted the milquetoast thing twice.
Posted by Thing From Snowy Mountain 2020-04-18 11:28||   2020-04-18 11:28|| Front Page Top

#5 No sympathy for any oil/energy company, US or otherwise. If they make poor investments or bank on oil being $xx per bbl, then tough titties, let them fail.
Posted by Clem 2020-04-18 11:33||   2020-04-18 11:33|| Front Page Top

#6 Momma said, son, don't ever let me catch you trading in commodities. And especially don't EVER let me catch you trading oil futures...
Posted by M. Murcek 2020-04-18 14:48||   2020-04-18 14:48|| Front Page Top

#7 The whole idea that everyone you don't like should have to go head-to-head against a foreign country's state-owned competitor, while you get to pretend you're a pure capitalist, is kinda-sorta how China was able to pull off this biological agent attack.
Posted by Thing From Snowy Mountain 2020-04-18 18:52||   2020-04-18 18:52|| Front Page Top

#8 Hear, hear. Free trade is a sucker game.
Posted by g(r)omgoru 2020-04-18 18:59||   2020-04-18 18:59|| Front Page Top

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