Yesterday President Trump described the Saudi-Russia oil price war as "very bad" for Saudi Arabia but ultimately "devastating" to Russia, but with the consolation of lower prices at the pump for American consumers.

Trump assured the public that "we have a lot of power over the situation," adding that that Washington will attempt mediate the dispute "at the appropriate time." This after US oil prices collapsed by a staggering 24% Wednesday to just $20, before clawing back Thursday afternoon and into Friday morning to $25 on Trump's comments and especially reports that the US will buy up to 30 million barrels of crude for its emergency stockpile by the end of June.