American Economics Thread

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Rettam Stacf

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localizer said:
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So instead of tariff, it's gonna be a complete halt.
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Prior to Saudi Arabia increasing its oil production, less than 10% of its output were sold to the US. In April, Saudi increased production to 12.3 million barrels, of which 600K is for the US (less than 5%).

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Russia sells less than 1% of its output to the US.

US's biggest oil importers are Canada and Mexico. So the earlier threat by Trump, the self proclaimed tariff man, to put tariff on oil import has very little effect on either Saudi Arabia or Russia, but will hurt two of US's closest allies.
 
Jura The idiot

Jura The idiot

General
Yesterday at 8:32 PM
Jura said:
what the heck I mean I didn't know it's even possible for a price of oil to get negative, not a hoax:
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after I had noticed about the crash, I wondered how it'd be possible to spin it into a success story LOL I knew it's possible, just had no idea how; until now noticing
Published 4 hours ago
With oil below zero, Trump to create Strategic Petroleum Reserve historic buying opportunity
Trump applies 'The Art of the Deal' principles to decimated crude prices
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canniBUS

canniBUS

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Registered Member
Jura said:
Yesterday at 8:32 PM
after I had noticed about the crash, I wondered how it'd be possible to spin it into a success story LOL I knew it's possible, just had no idea how; until now noticing
Published 4 hours ago
With oil below zero, Trump to create Strategic Petroleum Reserve historic buying opportunity
Trump applies 'The Art of the Deal' principles to decimated crude prices
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I would make a joke about the oil getting subsidized like corn does in the US now, except oil was always getting subsidized.
 
plawolf

plawolf

Lieutenant General
Rettam Stacf said:
Prior to Saudi Arabia increasing its oil production, less than 10% of its output were sold to the US. In April, Saudi increased production to 12.3 million barrels, of which 600K is for the US (less than 5%).

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Russia sells less than 1% of its output to the US.

US's biggest oil importers are Canada and Mexico. So the earlier threat by Trump, the self proclaimed tariff man, to put tariff on oil import has very little effect on either Saudi Arabia or Russia, but will hurt two of US's closest allies.
Click to expand...

Bet Mexico and Canada are real glad about renegotiating NAFTA.
 
Jura The idiot

Jura The idiot

General
when pubs had been still open here, let's say six weeks ago, I was asked how it's possible oil is so cheap (about $25 per barrel at that time!); then I blamed Mr. Putin and now I'm glad pubs are closed LOL
 
2handedswordsman

2handedswordsman

Junior Member
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Funny stuff happenning. Anyway, yesterday manifestated a classic overproduction crisis which led petrodollar to implode. Lets wait and see what is to come!
 
R

Rettam Stacf

Junior Member
Registered Member
Jura said:
now my kid heard (in TV news) of oil sellers paying buyers yesterday, and giggled

today a price of oil is positive though:
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WTI Crude •10.43
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Yesterday, most of the transactions were relating to oil future expiring in May. Today is the start of a new cycle involving future contracts expiring in June.
 
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