For the past week or more, Donald Trump has been bragging about the deal he cut with Russian President Vladimir Putin and Saudi Arabian Crown Prince MBS to keep oil prices from collapsing. It was a reminder of just how thoroughly Trump is a financial puppet of authoritarian dictators, and how tone-deaf he is when it comes to Americans’ real economic needs.
Now it’s turned into a different kind of humiliating failure for Donald Trump. The oil market has collapsed today, to the point that oil futures are actually being sold at negative prices. This means the U.S. economy is even worse freefall than we thought. It also likely points to further stock market troubles in upcoming days, after the Dow had finally taken a breather from its earlier collapse.
Of course it also means that despite Donald Trump’s best effort at propping up the U.S. oil market for the financial benefit of his pals Putin and MBS, the oil market has collapsed anyway. Is there anything this guy can’t screw up?
Bill Palmer is the publisher of the political news outlet Palmer Report