Trump delivers a speech during a tour of the Double Eagle Energy Oil Rig in Midland, Texas in 2020
Trump’s oil market trade-off
Following through on threats to key oil producers while simultaneously bringing down prices will prove a tricky balancing act
US President Donald Trump has signalled his intention to maintain or tighten economic pressure on Russia, Iran and Venezuela, at least tactically, while also trying to rewrite the rules of the trade game. The dynamics of the oil market make this difficult. A similar dilemma overshadowed the Biden administration’s foreign policy and interaction with OPEC and the energy sector. It is a simple question with no clear answer: how do you tighten sanctions on many large oil producers and also lower domestic/local prices for energy? Add to the mix threatened tariffs on Canada and Mexico—which could raise the cost of domestic refined fuel as refineries either struggle to source other supplies of hea
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