Quid pro quo

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Thread. As I’ve said, Putin and MbS want Trump to help them keep a tight grip on power at home. Oil price is key, and Trump is happy to raise gas prices to get the dictators’ help with the 2020 election. Quid pro quo.

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[soryang]

1. many US oil and gas producers are looking at bankruptcy

they are over leveraged, particularly those who participated in the oil shale development, which is mostly unprofitable without complete control of oil pricing mechanisms. I saw one estimate where 150 billion in debt would fail. Of course the creditors have a problem with this. One wonders whether derivative instruments such as swaps were sold on this rickety debt structure.

So, right out of the blocks, Trump is addressing the oil overproduction issue during a disastrous public health crisis, before any other issue.