When Trump says “Dig, dig,” he’s promoting domestic oil production. But if the oil price is too low, there’s no incentive to dig, because it won’t cover the cost of extraction and operations.What oil price is reasonable to "dig"? Most analysts say:$70–$80 USD/barrel is the “sweet spot”. If Trump says “Dig, dig,” the oil price needs to stay above $70 to really keep the drills running long-term. Trump invented MAGA, if oil industry of America disrupt, then what will happen ? See the following figures: In 2023, the oil and gas industry in the United States contributed nearly $1.8 trillion to the U.S. Gross Domestic Product (GDP), representing 7.6% of the total. This included direct, indirect, and induced effects. The industry also supported 10.8 million jobs, or 5.4% of total U.S. employment. Low oil prices are temporary and unsustainable. While they may offer short-term benefits for Trump, in the long run, they are harmful to the economy and not a strategy he can maintain. Don't forget Trump is a business man not a politician.
WDS Price at posting:
$20.07 Sentiment: Buy Disclosure: Held
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