Oil Price War
“Oil prices sharply fell after the so-called OPEC+ group of countries including Russia failed to agree to production cuts in early March. A price war began soon after, with Saudi Arabia threatening to pump at a record-breaking pace to seize back market share even as the coronavirus pandemic saw demand sharply drop.” (AP News)
The left is critical of Russia and Saudi Arabia and calls for steps toward decarbonizing the economy.
The right is divided about whether the government should intervene to help domestic oil producers.