Under the above title, Olga Samovalova wrote, in “Vizgliad”, about Washington’s having to ask for a reduction in oil prices for fear of its economy.
The article stated: Under the rule of Donald Trump, the United States dreamed of “global domination of energy”, but is now losing its influence in the crude markets, according to the German newspaper Die Welt.
And it is evidence of this recent “call” made by the US government to OPEC and its partner Russia, to increase oil production and thus reduce prices.
After the closure, the global economy began to recover and with it oil prices, which rose to about $70 a barrel, a higher price in 2019. Why did the United States want to raise prices before, and now the high price of oil bothers it to the point that it did not hesitate to turn to the cartel oil?
Because of the shutdown, oil was very cheap, which reflected directly on the production of shale oil and gas. With an oil price of between $40 and $50, mining in the United States is no longer feasible.
Although the high oil price allows American shale oil companies to restore their production, it hinders the recovery of the American economy and leads to an increase in inflation, which President Biden is complaining about.
High oil prices contribute significantly to inflation in the United States, because the price of gasoline there, unlike Russia, is directly related to the price of crude. Gasoline costs a dollar more in the United States today than it did a year ago, and it hurts ordinary Americans.
The price hike has become a nuisance to the US Federal Reserve and the entire financial community. Inflation in the US reached August 2008 levels when the mortgage crisis hit the country. However, OPEC+ has not been tempted by the desire of the United States.
The United States is losing power not only over oil, but also gas. Suffice it to remember that Washington, after years of sanctions and threats, was forced to give the green light to complete the “North Stream-2”, which is about to begin. The United States hit a wall formed by Germany and the European Union, and Biden surrendered. The American idea of transporting LNG to Europe by tanker is dead.
The article expresses only the opinion of the newspaper or the writer
These were the details of the news The United States is losing power over oil for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.
It is also worth noting that the original news has been published and is available at eg24.news and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.
