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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsSurging oil prices rattle President Trump
by Matt Egan and Alanna Petroff @CNNMoney
April 20, 2018: 1:07 PM ET
The oil market has caught President Trump in an awkward spot between his pro-business instincts and his populist tendencies.
Trump, a major friend to the fossil fuels industry, took OPEC to task on Friday for the recent surge in oil prices. The price has climbed toward $70 in recent weeks, the highest in more than three years.
"Looks like OPEC is at it again," Trump tweeted. "Oil prices are artificially Very High! No good and will not be accepted!"
Trump is right that OPEC, the Saudi-led cartel, has orchestrated higher prices, as it's known to do. And millions of American voters will probably share the president's outrage if gasoline prices soar as a result.
Yet millions of Trump voters also live in states such as Texas, Oklahoma and North Dakota that depend on the oil industry for prosperity. The 2014-2016 oil price crash cost countless jobs and led to dozens of corporate bankruptcies. Trump has pushed an agenda of American "energy dominance" by slashing environmental regulations and green-lighting pipeline projects.
"These oil-producing states are Trump red states. They're part of his coalition," said Joe McMonigle, senior energy policy analyst at Hedgeye Risk Management, an investment research firm. "To have energy dominance you need higher prices to support investment."
Trump has close ties to Harold Hamm, the billionaire who runs Continental Resources (CLR), a shale oil producer that benefits from higher oil prices. Hamm gave a primetime speech during the 2016 Republican convention, and Trump reportedly considered naming the CEO his energy secretary.
"The president is going to hear from Harold Hamm" about his tweet, said McMonigle, a top Energy Department official under former President George. W. Bush.
more
http://money.cnn.com/2018/04/20/news/oil-prices-opec-trump/index.html
dalton99a
(81,568 posts)padah513
(2,504 posts)They got their man on the inside and he's setting back the alternative energy initiative in this country as fast as he and his little minion Pruitt can.
grantcart
(53,061 posts)cilla4progress
(24,760 posts)Prices are up.
meadowlark5
(2,795 posts)I would imagine higher in some areas. I've noticed a steady climb for a couple of months now. I just assumed that will be the course as Trump allows his oil friends pad their profits. But hey, #MAGA. We all need to sacrifice on the road to #MAGA (except, of course, the wealthy 2%)
SWBTATTReg
(22,156 posts)It's going to make me look bad!!!
Too late, tRUMP, too late!!
Kirk Lover
(3,608 posts)RUMP (out loud in conversation) everybody knows who I'm talking about....but to confess even when I was using trashpot or trashbag ...everybody knew...LOL.
SWBTATTReg
(22,156 posts)Iliyah
(25,111 posts)advise t-rump?
From the GOP to t-rump to his administration are nothing but amatures They do not know and will never learn how to govern.
Sad.
Hugin
(33,189 posts)To drive my Obama car to my Obama job so I can pay for President Spanky's joy rides to FL, the Third Lady's mad money, and Pruitt's frickin quiet room.
Thanks Obama!
Ahhh, the good old days..Life was good with a legitimate President looking out for his country & all its people.
kimbutgar
(21,177 posts)You know pooty is advising Twitler on this. He might even be getting kickbacks.
Cognitive_Resonance
(1,546 posts)than any other country. U.S. production is at record levels and climbing.
roamer65
(36,747 posts)Last edited Sat Apr 21, 2018, 04:28 PM - Edit history (1)
Bring on $100 a barrel, baby!
$3 a gallon, in inflation terms, is cheap.
$3 is about 30 cents in 1965 dollar terms. Thats what gasoline was back then. If you dont believe me, go run the numbers on the BLS inflation calculator.
The problem is wages have not kept pace with the inflation.
JustABozoOnThisBus
(23,362 posts)Hamm should be happy that the prices are high. And he should be smart enough to know that Trump's tweets are just chum thrown to his base.
Higher prices mean that Hamm is happy, oil drillers and frackers are happy, Russia is happy, and they will throw a bone (or a hooker) to Trump to keep him happy.
Achilleaze
(15,543 posts)as ever. The repubes always muck it up.
spanone
(135,861 posts)Rising oil prices are now the latest target in President Donald Trumps cross-hairs. The nations tweeter-in-chief complained Friday about OPEC fueling an artificially Very High" cost for crude that he said will not be accepted!"
The Saudis - Trumps right on this one. The worlds biggest oil exporter has signaled it wants to push prices even higher, to around $80 a barrel, as it seeks to fund the expansive (and expensive) economic agenda of Crown Prince Mohammed Bin Salman and support the valuation of state energy giant Aramco before an initial public offering. The kingdom spearheaded the successful effort by OPEC, Russia and other major producers to curtail global supply and boost prices. In a meeting this week, oil ministers signaled a willingness to see prices rise further.
Russia - Saudi Arabias most important ally in cutting output has backed extending the effort through the end of this year. Meanwhile, tensions are rising between the West and the worlds largest crude producer. The U.S. and Europe announced tough sanctions on Russia in recent weeks, including limits hitting oligarchs in the energy sector, although Trump did reverse a plan earlier this week to impose more restrictions.
The Iran Deal - Fears that Trump will reimpose sanctions on Iran when the nuclear deal is reviewed, largely arising from the presidents public comments, are adding to uncertainty in the market. The Obama administrations agreement with Iran has boosted production from the nation by more than 1 million barrels a day.
https://www.bloomberg.com/news/articles/2018-04-20/who-s-to-blame-for-costly-oil-saudis-russia-and-trump-himself
jes06c
(114 posts)isn't that always bad news for the incumbent party, especially in an election year?
gratuitous
(82,849 posts)What does Trump think he's going to do? Attack OPEC? Wouldn't it be interesting if the popular media insisted on asking this oaf some questions about his bullshit pronouncements?
BadGimp
(4,017 posts)"To have energy dominance you need higher prices to support investment."
omg This is so fucking Orwellian it hurts to read it.
This is some will sell the rising gas prices we are already seeing.
wishstar
(5,271 posts)He is only concerned that his support might go down if gas goes up.
ProudLib72
(17,984 posts)Maybe we could turn to green energy in order to become energy dominant. Just saying, since it's obvious that fossil fuels are not sustainable.