On Monday, the story of the day was the DOW crashing, as panic set in over both the coronavirus and oil prices.
What most people missed, however, is the fact the oil prices dropped specifically due to a move made by Russia.
Putin Takes Aim at U.S. Economy
Russia rejected a new proposal from OPEC leaders on Friday, which sent the dominoes falling.
Immediately after Russia rejected the new proposal by OPEC, Saudi Arabia dramatically cut crude oil prices.
The result of which was a massive sell-off in the market, which has everyone hitting the panic button.
Former Shell Oil President John Hofmeister stated, “This is a direct attack, in my opinion, by [Russian President Vladimir] Putin against the success of the American industry in the face of all the sanctions that he and his country have felt because of U.S. success.
“This is enmity in its worst form.”
Make no mistake about it, Putin attacked, only all he had to do was say “no” to launch his attack rather than fire shots.
The only possible reason he did this was to send the U.S. economy into a freefall, which he did.
But He Was Supposed to Be Helping Trump!
For almost three years, we have been hearing about how the Russians wanted Trump in office and how they are trying to get him re-elected.
This move by Putin, and believe me, he knew the consequences of declining that OPEC offer, was to hurt Trump politically.
My best guess is that he saw an opportunity to hurt Trump and give his buddy Biden a boost.
Biden likes to talk tough about Russia, but let’s not forget how friendly the Obama administration was with the Russians and the promises Obama made to them.
All that nonsense that Hillary Clinton was involved in happened right under the watchful eye of Obama and Biden.
Obama was a walkover for Putin and a Biden presidency would probably be the same, so Putin saw an opportunity and he took it.
And, from the looks of it, it is working out perfectly for him.
Meanwhile in the real world, it was Saudi Arabia which individually cut oil prices thereby putting most American fracking into jeopardy, not Russia maintaining current oil prices.
By cutting the cost of a barrel of oil as OPEC’s most prolific producer, it made much North Dakota and Texas fracking unsustainable with prices undercutting the required minimums for profitable fracking drilling. It’s the Saudis, more than Russia attacking our oil production, stock market and economy.