"Among the biggest U.S. oil companies, Exxon and Chevron shares have declined 11% and 18%, respectively. Oil-field services giant Schlumberger and its top rivals, Halliburton and Baker Hughes, have fallen between 21% and 23%. Those companies are bellwethers for activity in the U.S. oil patch," noted the WSJ report, written by Benoît Morenne, Collin Eaton and Andrew Mollica.
The report further said U.S. oil prices dropped 19 percent in April to $58.21 a barrel. This is the lowest level to which the prices have been in over four years.
Several economists expect that tariffs imposed by Trump will trigger a worldwide economic slowdown, leading to decreased demand for crude oil. The Organization of the Petroleum Exporting Countries (OPEC) and its partners plan to increase their production by over 400,000 barrels daily starting in May, according to the report.
The guy who preaches oil, oil, oil is killing the US oil industry. But wait, I guess this is Biden's fault also? trump cannot admit he is a screw up. He has bankrupted several businesses and now he is working on the United States. The one thing he has done right so far is to cut the mineral deal with Ukraine. But I expect him to screw that up also. What do you expect from a CONVICTED FELON?
The tariff inflation is just around the corner.
