Trump’s Oil Summit

U.S. crude oil prices jumped 25% Thursday to $25.32 a barrel after President Trump suggested that Saudi Arabia and Russia could soon settle their destructive price war. This is all the more reason to resist calls from the U.S. shale patch for domestic production quotas or import duties when he meets with oil executives on Friday.

A one-two punch to demand and supply threatens to bankrupt many American shale producers. Some experts now predict that oil demand could fall by a quarter this year at the same time as Russia and…

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