Trump calls oil price plunge good for consumers, blames media for stock plunge
President Donald Trump said Monday that falling oil prices are good for consumers while he blamed the media and Russia and Saudi Arabia "arguing over the price and flow of oil" for sharply declining stock prices.
"Good for the consumer, gasoline prices coming down!" Trump wrote in one of a series of posts on Twitter.
The market slid on Monday amid an all-out oil price war and fears over the global spread of the new coronavirus. The sell-off triggered market "circuit breakers" shortly after trading opened, after the major indexes fell by 7% in less than 15 minutes.
Oil prices were down more than 20% after Saudi Arabia announced major price cuts and production increases. Saudi Arabia's move came after Russia rejected a proposal by OPEC to cut 1.5 million barrels of production per day.
https://www.msn.com/en-us/money/markets/trump-calls-oil-price-plunge-good-for-consumers-blames-media-for-stock-plunge/ar-BB10WJ54?li=BBnb7Kz
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When the price of one of the varieties of oil crosses below a particular level, certain operations become no long viable. The sites are closed, and the ex-workers get to warm their hands over barrels of burning MAGA hats.
The West Texas Permian Basin
The Permian Basin is a large sedimentary basin in the southwestern part of the United States. The basin contains the Mid-Continent Oil Field province.
Map of the Mid-continent Oil Field
The Mid-continent oil field is a broad area containing hundreds of oil fields in Arkansas, Kansas, Louisiana, New Mexico, Oklahoma and Texas. The area, which consists of various geological strata and diverse trap types, was discovered and exploited during the first half of the 20th century. Most of the crude oil found in the onshore mid-continent oil field is considered to be of the mixed base or intermediate type (a mix of paraffin base and asphalt base crude oil types).