Trump complains of OPEC's 'artificially' high oil prices that 'will not be accepted'
Source: Politico
By LOUIS NELSON 04/20/2018 08:14 AM EDT
President Donald Trump blamed OPEC on Friday for high oil prices, claiming the organization had artificially lifted prices that will not be accepted.
Looks like OPEC is at it again. With record amounts of Oil all over the place, including the fully loaded ships at sea, Oil prices are artificially Very High! No good and will not be accepted! the president wrote on Twitter.
Oil prices in the U.S. hit a three-year high earlier this week but dipped somewhat on Friday amid a meeting of OPEC members and non-members in Jeddah, Saudi Arabia, according to Reuters. Should they remain relatively stable through Friday, it would mark the second straight week of increased oil prices.
Through his first 15 months in office, Trump has prioritized U.S. energy resources, championing coal production and reducing regulation at the Environmental Protection Agency and elsewhere.
Read more: https://www.politico.com/story/2018/04/20/trump-opec-tweet-539254
C_U_L8R
(45,031 posts)Achilleaze
(15,543 posts)not a coincidence.
SWBTATTReg
(22,191 posts)Downturn in US oil supplies is triggering price increases, thus eventually, when more oil comes onto the markets to capture the higher prices (and they will soon), prices will go back down again.
Simple economics, supply and demand.
TranssexualKaren
(364 posts)This is basically what did in Jimmy Carter, I for one would love to see him try it.
DetlefK
(16,423 posts)Saudi-Arabia and Iran are producing too much oil!
Venezuela is bankrupt precisely because the price of oil is too low!
How did Trump get the idea that the price is too high???
global1
(25,294 posts)Mrs. Ted Nancy
(462 posts)In December 1998, oil was $12.90 a barrel (adjusted for inflation).
DetlefK
(16,423 posts)bucolic_frolic
(43,443 posts)is using too much oil as a hair tonic
N_E_1 for Tennis
(9,794 posts)everyone is on Twitter and is glued to his feed. His narcissism is unbelievable.
bluestarone
(17,101 posts)RUMPY doesn't care at all!! ANYTHING FOR PUTIN!!!!!!
SWBTATTReg
(22,191 posts)The US is a major producer now (vs. before) as well as a constantly increasing supply of wind and solar generated power. Be interesting to see how other energy supplies and their availability in today's world interact w/ each other.
If anything, this will drive even faster the migration of businesses to solar and wind sources of energy, as a backup to high oil prices.
Another major consideration is the economies dependent on oil prices, e.g., Venezuela, Russia and the like probably aren't going to be able to resist the lure of higher prices and thus dump more oil onto the markets. Give it time.
marble falls
(57,427 posts)underpants
(182,988 posts)WTF was that part about!
groundloop
(11,530 posts)Sunlei
(22,651 posts)Republicans corporate friends are just price gouging to make Utah shale oil & Canada tarsands profitable.
Bengus81
(6,936 posts)That would be to just blame rising prices on Obama.