At the State of the Union in February, President Trump boasted that his administration’s deregulatory agenda had made the U.S. “energy independent.” It was a dubious claim at the time, but recent events stemming from the outbreak of the novel coronavirus have shown it to be even more of a ruse. This month oil prices plummeted about 25 percent and settled around $35 per barrel — the biggest slide in nearly 30 years. The slip started with reduced demand for oil in China and elsewhere due to the economic fallout of COVID-19. Then it accelerated dramatically this week, after Russia refused to sign onto a proposal from Saudi Arabia and other major oil producers to cut production in response to lower overall energy demand. With demand sagging and a sustained glut in the supply, the stage was set for prices to plummet. The crash demonstrates the interconnected nature of […]