Trump’s Oil Move Shows the Difference Between Energy Strategy and Political Theater

By David Manney

President Donald Trump approved a limited waiver that allows some Russian oil shipments to reach buyers after months stuck at sea. Around 130 million barrels have been floating in tankers with nowhere to go because sanctions blocked normal sales channels.

The waiver allows that oil to move into global markets for a short period while energy prices face pressure from the conflict in the Middle East.

The decision came as oil markets tightened following the confrontation with Iran and disruptions in regional shipping lanes. Energy traders have warned that sudden supply shocks can push gasoline and heating costs sharply higher. The oil already sitting on tankers represents existing production instead of new drilling, and allowing those barrels to move simply puts supply into circulation that otherwise would remain stranded…

READ FULL ARTICLE HERE… (pjmedia.com)

 

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