Post #73164 by Goofyhoofy on the US Policy board

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Today’s Wall Street Journal

President Trump’s Head-Spinning Pivot on an Emergency Oil Release
In a matter of hours, the White House changed its position and pushed allies to move forward with a massive oil market intervention

In a rapid reversal that left U.S. allies stunned, the Trump administration shifted from opposing the largest-ever intervention in oil markets to cajoling allies into moving forward with the maneuver in a matter of hours. Tensions in the global oil market seemed to be easing on Tuesday just as Western governments and their allies were debating a major release of emergency oil reserves to calm prices. President Trump said the war with Iran would be over soon, and some European nations were questioning whether governments should intervene at all, U.S. and European officials familiar with the discussion said. According to the officials, U.S. Energy Secretary Chris Wright gave his counterparts in the Group of Seven nations the White House’s position Tuesday morning: A massive intervention in oil markets was premature because the price of oil had recently dipped below $90 a barrel. Less than two hours later, U.S. officials reversed their earlier position and pushed their counterparts for a major release of oil, said people familiar with the matter. The 180 degree turn was entirely due to a change of heart by President Trump, said a senior administration official. Wright’s earlier stance reflected Trump’s views, according to

https://www.wsj.com/business/energy-oil/president-...

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