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The Next Chapter of the Oil Crisis: The Industry Shuts Down

By: 
Javier Blas

Noam Chomsky has long advised leftists to read the business press closely, to better understand what social elites want each other to know.  This article, originally from Bloomberg News, explains how demand for oil has fallen by 30-35% globally, and that production and refining are beginning to shut down. US oil companies attempt to play the ‘jobs’ card to lobby for bailouts, but this article makes it clear that they will still need to drastically reduce production, and are beginning to do so.