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Why big oil giants may not rush to buy into Donald Trump’s Venezuelan vision (www.theguardian.com)

submitted 1 month ago by MicroWave@lemmy.world to c/news@lemmy.world

7 comments fedilink hide all child comments

It may well be safer, easier and cheaper for US companies to procure whatever oil the US economy needs at home

There are a few reasons that Donald Trump – now self-anointed acting President of Venezuela, as well as the United States – might be so excited about appropriating Venezuela’s oil.

Trump may be counting on some boost from cheap oil to the US economy: he is obsessed with the price of gas. As the midterm elections approach, he has become concerned about unemployment. Deeply imprinted memories of scarcity during the oil crises of the 1970s may prime his belief that cheap oil cures it all.

The US president may also consider Venezuelan oil as an easy source of cash, either for the US government – to add to the tariff bonanza that he implausibly claims is being paid by foreigners – or for his own personal stash, which he may want to diversify away from crypto.

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[–] evenglow@lemmy.world 13 points 1 month ago (1 children)

OPEC wants low prices. Trump wants high prices. Just something to keep in mind for later.

[–] Thedogdrinkscoffee@lemmy.ca 1 points 1 month ago (1 children)

I don't follow you at all. All producers wants high prices. Not so high to crush demand, but otherwise as much as they can. A limited resource with a time clock on its exploitability due to climate change and inexpensive source exhaustion. They all want to make bank while the sun shines.

[–] faintwhenfree@lemmus.org 7 points 1 month ago (1 children)

OPEC has the Sustainability (of the oil business, not of the planet) game in mind, they wanna keep price of crude between 60 and 80, less than 60 and the more heavy and sour crude don't make economic sense for the whole of oil value chain. If the prices are too high, customers invest in alternate sources of fuel that are not crude oil hydrocarbons and it hurts their long term goal.

[–] Frozentea725@feddit.uk 2 points 1 month ago (1 children)

Ah, that makes sense, I was confused to the recent oversupplying

[–] faintwhenfree@lemmus.org 3 points 1 month ago

My guess is, Trump wants to be populist, because the rule thumb when he was young was cheap oil means cheap fuel and cheap fuel means cheap goods and he wants to show the US that he can reign in inflation. Rural republican are suffering terribly under him. That's why he wants to flood the market with oil.

Again just a guess, but could be wrong.