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With global oil prices plummeting during the coronavirus pandemic, President Trump said Tuesday that he is open to joining the leaders of Russia and Saudi Arabia in talks as the two countries try to resolve a price war.
“Russia and Saudi Arabia are going at it,” President Trump said at a White House news briefing Tuesday, pointing to the steep decline in oil prices as a threat to the American energy industry.
The Saudis sharply slashed their prices earlier this month after talks with Russia on how much to cut production to address the coronavirus and its stifling effect on the economy collapsed, Fox News has reported.
The price of oil has declined so much in the standoff that President Trump compared its current cost per barrel to that of the 1950s.
He said he had already had “great” talks with both Russian President Vladimir Putin and Crown Prince Mohammed bin Salman separately.
“The two countries are discussing it, and I am joining at the appropriate time if need be,” Trump said.
But he called for a market recovery, predicting that although gas prices could drop to less than a dollar a gallon it would come at the cost of American jobs.
“It’s hurtful to one of our biggest industries, the oil industry,” Trump said. “It’s not even feasible what’s going on.”