The US a major petroleum producer and exporter. However, the benchmark West Texas Intermediate (WTI) is now trading down to $60/barrel. This is significant because $60/barrel is about the break even price for frackers in the US.
Of note, the break even price for Russian producers is about $40/barrel. It seems the tariffs are squeezing the US producers out of business in favor of cheaper Russian oil.
This will increase the trade deficit.
Why not look at the bright side, your cost of living drops.
The Captain
Road Trip, I say, Road Trip!
Pete
That is a generalized price for exploration. That is not what most frackers produce at. A friend in this market has told me there are producers in shale at $38 cost.
…and in the last weeks my ownership of mineral rights in prime undeveloped shale fracking lands has once again caused me to get more offers than I can reasonably digest. Fortunately, I am determined to sit patiently….
What is your exit signal?
DB2
People in red hats buying EVs en masse, and TIG hugging a tree?
Steve