Trump Calls for Halt to Ukraine's Attacks on Russian Oil Refineries
US President Donald Trump has called for an end to Ukraine's attacks on Russian oil and natural gas refineries, citing the impact on global energy markets. According to Trump, the destruction of these facilities is contributing to a transportation energy crisis in Asia, Europe, Australia, and the Middle East, where diesel fuel and jet fuel are becoming increasingly scarce and expensive.
Texas oilman Rey 'RT' Trevino, CEO of Pecos Country Operating, agrees with Trump's assessment. He notes that the loss of processing plants in Russia has had a significant effect on oil markets, and further destruction would only exacerbate the problem.
Trevino points out that technology is improving, making it easier to extract oil from previously uneconomical wells. However, he also emphasizes that there has been a lack of investment in finding new production sources over the past decade, resulting in a shortfall of $1 trillion.