Apr 13, 2020 at 2:39 PM
The new agreement to lower oil production is not likely to have much effect at a time when the world is already awash in surplus oil and most major economies, including the U.S., are plunging into recession. Analysts say the cutback, unprecedented as it was, is too little and too late.
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 […]