As expected, oil futures jumped after the Iran-backed rebel attack on Saudi Arabia’s oil production facilities. And Trump is responding.
BREAKING: Brent crude oil surges more than 17%, WTI crude oil surges more than 14% after attack on Saudi oil facility cut production over the weekend https://t.co/5pjnGl9LzW pic.twitter.com/DQWun1L6wO— CNBC Now (@CNBCnow) September 15, 2019
Oil prices jumped more than 10% after a coordinated drone attack hit the heart of Saudi Arabia’s oil industry on Saturday, forcing the kingdom to cut its oil output in half.
U.S. West Texas Intermediate crude futures popped $6.4, or 11.67%, to $61.23 per barrel. Brent crude futures soared $7.89, or 13.3% to $68.07.
Drone strikes attacked an oil processing facility at Abqaiq and the nearby Khurais oil field on Saturday, knocking out 5.7 million barrels of daily crude production or 50% of the kingdom’s oil output. Saudi Aramco, the national oil company, reportedly aims to restore about a third of its crude output, or 2 million barrels by Monday.
Here’s el presidente:
Based on the attack on Saudi Arabia, which may have an impact on oil prices, I have authorized the release of oil from the Strategic Petroleum Reserve, if needed, in a to-be-determined amount....— Donald J. Trump (@realDonaldTrump) September 15, 2019
….sufficient to keep the markets well-supplied. I have also informed all appropriate agencies to expedite approvals of the oil pipelines currently in the permitting process in Texas and various other States.
— Donald J. Trump (@realDonaldTrump) September 15, 2019
It is debatable as to whether releasing our strategic reserves actually does anything to relieve the markets, but he did it. Then he tossed out some threats:
Saudi Arabia oil supply was attacked. There is reason to believe that we know the culprit, are locked and loaded depending on verification, but are waiting to hear from the Kingdom as to who they believe was the cause of this attack, and under what terms we would proceed!— Donald J. Trump (@realDonaldTrump) September 15, 2019
Wow. SO much for easing up on Iran. Luckily Trump assures us that there is….
PLENTY OF OIL!— Donald J. Trump (@realDonaldTrump) September 15, 2019
Well. He’s not wrong. As I said on Twitter, we’re lucky that the idiot Hillary Clinton didn’t win. Can you imagine how she would have dismantled oil production under energy czarina Ocasio-Cortez, so that we’d be crippled in this kind of situation?
Instead, we’ve been fracking like crazy, and seeing the benefit of all that oil hitting the market, which drives prices down and saves money for every gas-guzzling Merican.
~ ~ ~
Well that’s it for Sunday. We hope you had a great weekend. As always, we thank you for every share, tweet, and comment. You keep us afloat, you’re the wind beneath our wings, and the bacon sizzling on our AR-15 barrel.
Have an open thread. Here’s some comment fodder.
Don’t have a bookmark? Try using a taco. (Actual photo of an actual book found in the book drop at my library in Indiana a few years back) pic.twitter.com/yU9jrKoFkF— Amanda Mae 🧷 (@miss_amandamae) September 14, 2019
Here’s how the Miami Dolphins are playing:
My students AFTER I provide CLEAR, PRECISE directions...😜😔pic.twitter.com/B6BMTyheXC— Fixing Education (@FixingEducation) September 14, 2019
Imagine visiting Auschwitz and making it your priority to take a photo with your ass sticking out on the same tracks that transported millions to their death. pic.twitter.com/eNF1yydqgl— Grant Tucker (@GrantTucker) September 14, 2019