U.S. Oil Producers Announce Halt in Oil Drilling as Trump Increases China Tariff to 125% while Reverting back to 10% for Other Countries
Oil briefly fell below $60 a barrel today, the first time since the Scamdemic, before Trump stepped in later in the day at the suggestion of Treasury Secretary Scott Bessent and Commerce Secretary Lutnick to put a pause on some tariffs, reverting back to 10% tariffs for a 90-day pause, while the tariff on China increased to 125%.
The U.S. Oil industry is in a near panic right now with the rapid drop in the price of oil, calling it a “bloodbath.” They announced today that they were halting all drilling and investments, expressing extreme anger against President Donald Trump and his tariffs.
The industry is frustrated over its high level of support for the new administration, which has since caused a severe oil price plunge despite promises of a future where shale drillers could “drill baby, drill”.
Shale drillers contributed significantly to Trump’s election campaign and were responsible essentially for “making America great again” by catapulting the country to the status of top crude producer in the world.
The betrayal is now being felt as prices continue to tank.
Meanwhile, the Houthi rebels today shot down yet another U.S. drone, as there are reportedly concerns now that the U.S. is spending so much money to try to defeat the “lowly” Houthis, that the U.S. is quickly depleting military resources in the Pacific meant to oppose China.