for Donald Trump
The USMCA appears to calm oil industry fears that revisions to NAFTA would endanger investor protections, while Canada and Mexico both have carveouts to avoid vehicle tariffs.
The United States spends at least $81 billion every year protecting the global free flow of oil.
Compensating for supply shortfalls from Venezuela, Libya, and Iran may prove a challenging task for OPEC in the months to come.
The oil market could be sorely tested in the second half of the year and into 2019, unless demand slows, OPEC outages are less than expected, or non-OPEC producers such as the United States, Canada, and Brazil produce higher than forecast.
OPEC itself is responsible for disrupting the investment cycle and eliminating the inventory overhang in record time. Asking them to fix the problems they caused is the wrong approach.
Global oil markets are in danger of seeing a large supply deficit in the second half of 2018, increasing the need for more OPEC supply.
Iran and the status of international sanctions on the country’s oil exports are one of the clearest indicators of the intrinsic links between U.S. oil dependence and foreign policy.
The goal of the United States is to gradually restrict Iranian crude exports over time. The toughest sanctions on Iran’s oil trade, energy sector, and Central Bank will be re-imposed on November 5.
Retail gasoline prices are forecast this year to reach their highest summer average since 2014, potentially wiping out household gains from last year’s tax cut.
President Trump’s tweet Friday morning shifted the debate about rising gasoline prices, the effects on American consumers, and OPEC’s role in the global oil markets.