The Russia-Saudi price war and a killer pandemic have put Trump in an awkward position.
Donald Trump is trying to do something no US president has dared to do in decades: Drive up the price of oil.
Trump administration officials have said they are prepared to support OPEC and its allies agreeing to restrain output to lift oil prices. For now, Trump hasn't said whether he would try to rein in US production or limit crude exports. But he has threatened to put tariffs on foreign crude to protect energy workers and domestic oil companies if the Saudis and Russians don't agree to output cuts.
It needs to be high enough to sustain a domestic industry tied to about 10.9 million jobs, including 1.1 million directly connected with production, drilling and support activities. At the same time, it needs to be low enough to provide cheap energy to help prompt an economic rebound after the coronavirus pandemic subsides.
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