US President Donald Trump said on Sunday that he plans to introduce “substantial taxes” on imported oil if the price of oil remains so low.
Due to a conflict between Russia and Saudi Arabia and the global corona crisis, the price of a barrel of crude oil has fallen to $ 32. By comparison, that price was $ 65 a barrel at the end of 2019.
Trump would like the price of oil to stabilize or rise, which is why he is considering levying taxes on imported oil if the price remains that low.
Trump said on Saturday that he is willing to do the import taxes if necessary. “I will do what I have to do to protect our energy sector,” said the US president.
Lowest oil price in eighteen years
Saudi Arabia and Russia have entered a conflict in recent weeks that revolves around mutual production restrictions.
As a result, Saudi Arabia switched to offering cheap oil on the international market in order to lower the price. In the last week of March, oil prices were at their lowest level in eighteen years, partly due to the corona crisis.
Due to the conflict, the planned meeting between Russia and OPEC, the partnership between fourteen oil-exporting countries, has also been postponed.
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