T. Boone Pickens, a celebrated corporate raider and energy industry magnate who built an empire out of an initial $2,500 investment, died on Wednesday at age 91.
The Oklahoma-born tycoon, known for his folksy speech and ruthless business acumen, died surrounded by his family and friends, said longtime spokesman Jay Rosser. – reuters.com
Legendary oil tycoon, investor and philanthropist T. Boone Pickens has died at the age of 91.
Soon after his death, his property was listed for sale.
T. Boone Pickens’ 100-square-mile Mesa Vista Ranch isn’t just a home.
The sprawling Texas Panhandle property represents close to 50 years of devotion from Pickens, the oil magnate who died Wednesday at age 91. He shaped the ranch into “a wildlife paradise with spectacular water features and improvements fit for a king,” according to the listing with Hall and Hall. It’s on the market with a listing price of $250 million.
Trade War Logs – Chinese Oil Buyers Shun US Crude
Chinese oil traders and refiners no longer want to sign long-term supply agreements with U.S. producers, said the chief executive of Enterprise Products Partners as quoted by Reuters, amid the deepening trade rout between Washington and Beijing. – https://oilprice.com/
In the first half of 2018, China was the biggest importer of U.S. crude, averaging 377,000 bpd. In the six months ended February, the most recent data available, it has dropped to 41,600 bpd, according to the U.S. Energy Information Administration.
U.S. crude inventories rose to their highest since July 2017, suggesting ample supplies in the world’s top consumer [EIA/S], with prices also hit by worries that the U.S.-China trade conflict is developing into a more entrenched dispute.
The U.S view is that China represents an existential economic and military threat to the U.S. and often imply that nothing less than crippling China’s economy will prevent Beijing from becoming stronger than the U.S. in military terms, threatening U.S. interests in the Pacific and becoming the world’s leading economic power in the next 10-15 years. – cnbc.com
Do The United States embargoes and sanctions lead to War?
Let’s look at history, as most times it is repeated.
In the four years leading up to Pearl Harbor, the US implemented restrictive trade measures ‘”TRADE WAR” on Japan.
The United States embargoed scrap metal shipments to Japan and closed the Panama Canal to Japanese shipping. This hit Japan’s economy particularly hard because 74.1% of Japan’s scrap iron came from the United States in 1938. Also, 93% of Japan’s copper in 1939 came from the United States. including and most importantly a embargoes on much-needed oil, gasoline, and scrap metal, and froze Japanese assets. Other Western countries followed suit. As a result, Japan lost access to nearly 90% of its imported oil and three-quarters of its overseas trade.
President Franklin D. Roosevelt, inhibited by the Americas public’s opposition to direct U.S. involvement in the fighting, manipulated events in the Pacific in order to provoke the Japanese into war. – reference link
This is different from Iran in ways but in others, it is the same. Iran is dependent on Oil exports, thus an oil embargo will have a devastating impact on the economy like it did with Japan before the war in the Pacific.