The price of oil under the Trump disaster

Washington DC

Description

Oil needs to be a MINIMUM of $50 a barrel to make further exploration and drilling even worth considering. That's about break even for oil exploration companies. Under Trump's disaster of an administration, oil actually fell to -$30 a barrel at one point, the first time ever that oil companies were paying others to take oil off their hands instead of shut down production and pay for a costly restart. This happened in April 2020. https://www.nytimes.com/2020/04/20/business/oil-prices.html Current price of a barrel of West Texas crude is about $63 which gives the oil companies enough to make a profit drilling. If you look at this graph, you'll quickly see how the price of oil rose sharply under the Bush administration. What a surprise since Bush was an oil man and all his major donors were oil men. https://www.statista.com/statistics/262860/uk-brent-crude-oil-price-changes-since-1976/ Republicans are fighting clean energy because oil companies are the biggest donors to teh GOP. FOLLOW THE MONEY!