Ignorant or Arrogant?

• Author: Verleger, P.

Individuals in the fracking industry believed world oil producers would always adjust production to accommodate the increased output of U.S. firms.

President Trump prevailed in getting oil exporters to cut output at the end of April 2020. Historian Daniel Yergin proclaimed that this was "Trump's greatest deal ever."

In fact, the agreement reached at the end of April 2020 by oil exporters and President Trump only sealed the death of much of the world's nonstate-owned oil and gas industry. In his naivete, he signed the death certificates of much of the shareholder-owned industry.

The 2020 collapse in U.S. production...