The fake news media loves a crisis to the point its liberal zealots are willing to manipulate, embellish, and even lie to create one. As Russia wages the Great Oil War with Saudi Arabia, the media spin-doctors are hard at work trying to sow seeds of doubt that everyday Americans will somehow suffer from the foreign oil dust-up. Nothing could be further from the truth.
While it’s certainly true that the Saudis and Russians are the number two and three largest oil producers in the world, respectively, sending a glut of crude into the market is not a recipe for economic destruction. In reality, President Donald Trump had been working the art of the deal to lower prices at the pump. As recently as late-February, the president sent a tweet with strong overtones that he was none too happy about rising prices.
“Oil prices getting too high. OPEC, please relax and take it easy. World cannot take a price hike — fragile!” Trump reportedly tweeted.
After that e-message, prices quickly dropped by about 3 percent, saving the American consumer money on heating oil and at the gas pump. The loser when the market is flooded tends to be Big Oil stock investors. Keep in mind that U.S. oil shows no signs of slowing or cutting jobs regardless of disruption caused by foreign oil producers. Domestic producers understand they have the full support of the White House, and that’s primarily why the country has finally emerged as a net-exporter.
There’s little doubt that oil stocks tumbled due to the Great Russian Oil War with Saudi Arabia. Outfits such as Exxon Mobile dipped by more than 6 points and Chevron more than 8 percent. Of course, these declines come just as the COVID-19 outbreak caused the Dow Jones to lose more than 3,000 points. Some insiders are claiming the oil industry stocks have fallen by upwards of 30 percent as virus disruption and the price war hit almost simultaneously.
On the other hand, conspiracy theorists in the mainstream media are pushing the strange narrative that Russian strongman Vladimir Putin’s conflict with Saudi oil is a smokescreen to undermine American fracking gains.
“The Kremlin had decided that propping up prices as the coronavirus ravaged energy demand would be a gift to the U.S. shale industry,” according to Bloomberg. “The frackers had added millions of barrels of oil to the global market while Russian companies kept wells idle. Now it was time to squeeze the Americans.”
Outfits such as Newsweek suggest the oil brawl between the two countries is really about election meddling. Consider this headline: “Putin Targets U.S. Fracking With Oil Price War, in New Threat to Trump’s Election-Year Economy.”
But putting the sky-is-falling establishment media nonsense aside, what does the Great Russia Oil war really mean for Americans? The price of crude oil has already dropped off and will likely remain low until the pair hash out a deal. Until then, perhaps the CEO of fuel prices comparison website GasBuddy Sarah McCrary said it best.
“We’re going to see much less expensive gas across the nation,” she reportedly said.