It’s Time for a $40/Barrel Tariff on Saudi Oil Coming into U.S.

Last Friday MDN laid out three potential options for how the U.S. government can deal with the Saudis and Russians flooding world markets with oil, driving the price into the basement in a bid to bankrupt American shale oil drillers, a practice called dumping (see U.S. Sen. Kevin Cramer Asks Trump to Embargo Saudi/Russian Oil). Option #1 was 13 U.S. Senators who politely asked the Saudis to knock it off. So far that hasn’t worked. Option #2 would be to impose a tariff on all imported oil. And option #3 would be to slap an embargo on imported oil. The American Petroleum Institute doesn’t want either a tariff or embargo. Some of the rank and file (oil drillers themselves) disagree with their lobbying group…

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