The Saudi-Russia Oil Fight Is the Last Thing the Economy Needs in a Pandemic

President Trump’s latest acknowledgement that “This could be a hell of a bad two weeks” was a reference to the coronavirus pandemic. Aside from the fatalities and pain, it also is going to be a very tough time for the economy. Evidently nagging at the president’s attention is the oil price war between Saudi Arabia and Russia. At Tuesday’s news conference, he said he had spoken with Crown Prince Mohammad bin Salman and President Putin. Both men were negotiating, he claimed, and he “personally may join the talks, if needed, at the appropriate time.” He also pointed out his major concern—low oil prices may be like a huge tax cut for many, but may not be worth it if the cost is the destruction of the U.S. oil industry...

Read the full article on the Hill website.