Donald Trump may halt Saudi crude oil imports to support domestic industry

US President Donald Trump on April 20 said that his ministration is considering cutting Saudi Arabia oil imports as a preventive measure to protect domestic industry that is currently facing risk of bankruptcy. Donald Trump was speaking at his daily coronavirus press conference where he was asked about a certain proposal by some Republican lawmakers wanting him to block crude oil shipments through executive authority, to which he said that he will look at it. 

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US has plenty

Donald Trump said that he was briefed about proposal minutes before coming for press conference. He said that he will take a look at it because US certainly has a lot of oil. Crude oil prices dropped drastically in February this year after two of biggest exporter Saudi Arabia and Russia failed to reach an agreement on production. collapse in oil prices threatened US' domestic industry following which Donald Trump urged both parties to reach a resolution. 

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Donald Trump on Monday said that oil industry was hurting more because of lockdown as demand for fuel has dropped. " problem is one is driving a car anywhere in world, essentially. Factories are closed, businesses are closed. We h really a lot of energy to start off with, oil in particular, and n all of a sudden y lost 40 percent, 50 percent of ir market," Trump said at press conference. Ecomies across world are looking at a recession ahe of m because of lockdown imposed to contain coronavirus outbreak and US is different. Washington has anunced a $2 trillion stimulus pack to deal with social and ecomic effects of pandemic. 

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(Im Credit: AP)