Oil bosses have warned that America’s energy boom is over, as Trump’s tariffs raise production costs and crude prices fall thanks to an increase in production from Saudi Arabia.
The shale revolution of the last few years delivered huge volumes of cheap oil and gas that powered the US economy and broke dependence on foreign imports from places such as Iran, Russia and Venezuela.
Production hit record highs under President Joe Biden, but is now falling under Trump.
The situation presents a direct contradiction to the President’s pledges to ‘drill baby drill’ and assert America’s ‘energy dominance.’
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‘Saudi is trying to regain market share and they’ll probably get it over the next five years,’ Sheffield explained.
Daily Mail: America’s energy revolution goes from boom to bust after Trump’s tariffs and sneaky move by Saudi Arabia
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