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09:41
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Originally posted by Alejandro1:
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Why would he want oil so low given that the US is in the top 3 producer/exporter of oil? Low oil price is a sign of economic weakness and not necessarily as stimulating to economic activity as you would think. If anything, the benefits are equalised by the reduced activity of oil jobs in drilling, exploration and production. Many other secondary industries that rely on the oil sector to stay in business are also major contributors to economic activity. Decimating the oil price would lead to a recession. Just think of what happened to the US economy following the investment into oil following the 1970s high prices. People and businesses went broke following the price going so low soon after. If Trump says he wants $50 oil, I expect it to go to $150. He must have forgotten to carry the 1.
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low oil price drives down inflation. Low inflation and interest rates is the headline he is chasing
(20min delay)