US to consider stopping Saudi oil imports as a measure to support domestic drilling industry
US crude oil futures collapsed to trade in negative territory for the first time in history on Monday, amid a coronavirus-induced supply glut.
Trump said he had heard the proposal immediately before the news briefing. “We certainly have plenty of oil, so I’ll take a look at it,” he said. “The problem is no one is driving a car anywhere in the world, essentially. ... Factories are closed, businesses are closed,” Trump said. “We had really a lot of energy to start off with, oil in particular, and then all of a sudden they lost 40 percent, 50 percent of their market.”
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