(04-20-2020 09:07 PM)OptimisticOwl Wrote:  He likes CNBC so he will like this.

"The higher priced, longer-dated futures contracts are indicative of the market expecting some level of clearing in the cash market over the course of the next several months,” he told CNBC. “Given the rapid decline in the U.S. oil rig count and the expected cutback by OPEC+ members that is a reasonable assumption.”

Rapid decline of US oil rig count? When did Trump issue that order?

I'm not really sure how that article is going to lift the spirits of any oil companies. Oil at $21 a barrel still puts 500-plus companies on pace to file bankruptcy according to my earlier link.

Oil rig counts were declining because of a lack of demand and too much production. Trump can't be blamed for the first part of that equation, but he kept doing victory dances the last 2 years talking about how the U.S. was now energy independent and the #1 producer of oil in the world.

You really don't believe that behind the scenes Trump was urging the oil companies to drill, drill, drill? He had already rescinded many of the ecological barriers preventing them from drilling in certain spots.

Personally it doesn't affect me. But I feel badly for my neighbor, the oil and gas trader who could lose almost everything by the end of today. Hopefully he hadn't put all his eggs in one basket. I'm guessing you guys know several people who are losing a ton as well in this unprecedented downturn.

And Big to answer your question, because he never is responsible for anything bad that happens to this country. He'll find someone else to blame instead - probably a Democrat but he'll throw an occasional Republican under the bus too in order to deflect the criticism. Maybe Rick Perry will get to be the fall guy this time around.