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DonViejo

(60,536 posts)
Sat Apr 21, 2018, 10:45 AM Apr 2018

Surging 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

22 replies = new reply since forum marked as read
Highlight: NoneDon't highlight anything 5 newestHighlight 5 most recent replies
Surging oil prices rattle President Trump (Original Post) DonViejo Apr 2018 OP
Putin and the Saudis are pleased. dalton99a Apr 2018 #1
Of course they are padah513 Apr 2018 #4
Thus us what the attacks on the Iran agreement are all abou grantcart Apr 2018 #19
I've noticed. cilla4progress Apr 2018 #2
$2.90 per gallon for 87 octane here in Denver Metro meadowlark5 Apr 2018 #8
Oh no!!! The markets aren't doing what tRUMP told them to do!! SWBTATTReg Apr 2018 #3
I was using tRUMP but I dropped the t altogether. I like it much better that way...plus calling him Kirk Lover Apr 2018 #5
You know, you're right. I used the 't' in front of RUMP when RUMP is simply enough. Thanks! NT SWBTATTReg Apr 2018 #7
Shouldn't Larry Kudlow know this was coming and Iliyah Apr 2018 #6
I could sure use some of that Obama gas right now. Hugin Apr 2018 #9
+ a million. Wwcd Apr 2018 #11
And lets not forget Russia is benefiting for increases prices on barrels of oil! kimbutgar Apr 2018 #10
The buffoon doesn't realize the increased price is helping the domestic oil industry as much or more Cognitive_Resonance Apr 2018 #12
I have a car that gets stupendous gas mileage. roamer65 Apr 2018 #13
I don't get the comment about Harold Hamm. JustABozoOnThisBus Apr 2018 #14
republicans screwing over Americans at the pump Achilleaze Apr 2018 #15
Bloomberg: Who's to Blame for Costly Oil: Saudis, Russia and Trump Himself spanone Apr 2018 #16
Rising gas prices jes06c Apr 2018 #17
"No good and will not be accepted!" gratuitous Apr 2018 #18
WTF? BadGimp Apr 2018 #20
His griping is just effort to make sure his base doesn't blame him for gas price increase wishstar Apr 2018 #21
I have an idea! I have an idea! ProudLib72 Apr 2018 #22

padah513

(2,504 posts)
4. Of course they are
Sat Apr 21, 2018, 10:54 AM
Apr 2018

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.

meadowlark5

(2,795 posts)
8. $2.90 per gallon for 87 octane here in Denver Metro
Sat Apr 21, 2018, 11:11 AM
Apr 2018

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)
3. Oh no!!! The markets aren't doing what tRUMP told them to do!!
Sat Apr 21, 2018, 10:49 AM
Apr 2018

It's going to make me look bad!!!

Too late, tRUMP, too late!!

 

Kirk Lover

(3,608 posts)
5. I was using tRUMP but I dropped the t altogether. I like it much better that way...plus calling him
Sat Apr 21, 2018, 10:57 AM
Apr 2018

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.

Iliyah

(25,111 posts)
6. Shouldn't Larry Kudlow know this was coming and
Sat Apr 21, 2018, 11:01 AM
Apr 2018

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)
9. I could sure use some of that Obama gas right now.
Sat Apr 21, 2018, 11:18 AM
Apr 2018

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.

 

Wwcd

(6,288 posts)
11. + a million.
Sat Apr 21, 2018, 12:27 PM
Apr 2018

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)
10. And lets not forget Russia is benefiting for increases prices on barrels of oil!
Sat Apr 21, 2018, 12:13 PM
Apr 2018

You know pooty is advising Twitler on this. He might even be getting kickbacks.

Cognitive_Resonance

(1,546 posts)
12. The buffoon doesn't realize the increased price is helping the domestic oil industry as much or more
Sat Apr 21, 2018, 12:30 PM
Apr 2018

than any other country. U.S. production is at record levels and climbing.

roamer65

(36,747 posts)
13. I have a car that gets stupendous gas mileage.
Sat Apr 21, 2018, 12:42 PM
Apr 2018

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. That’s what gasoline was back then. If you don’t 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)
14. I don't get the comment about Harold Hamm.
Sat Apr 21, 2018, 02:44 PM
Apr 2018

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.

spanone

(135,861 posts)
16. Bloomberg: Who's to Blame for Costly Oil: Saudis, Russia and Trump Himself
Sat Apr 21, 2018, 03:25 PM
Apr 2018

Rising oil prices are now the latest target in President Donald Trump’s cross-hairs. The nation’s tweeter-in-chief complained Friday about OPEC fueling an “artificially Very High" cost for crude that he said “will not be accepted!"

So what’s behind the jump in prices? Market outcomes, like success, can claim a thousand fathers, but here’s a potential rogue’s gallery for Trump following Brent crude’s move to almost $75 a barrel on Thursday, its highest level in more than three years:

The Saudis - Trump’s right on this one. The world’s 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 Arabia’s 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 world’s 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 president’s public comments, are adding to uncertainty in the market. The Obama administration’s 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

gratuitous

(82,849 posts)
18. "No good and will not be accepted!"
Sat Apr 21, 2018, 03:33 PM
Apr 2018

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)
20. WTF?
Sat Apr 21, 2018, 06:10 PM
Apr 2018
"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)
21. His griping is just effort to make sure his base doesn't blame him for gas price increase
Sat Apr 21, 2018, 06:38 PM
Apr 2018

He is only concerned that his support might go down if gas goes up.

ProudLib72

(17,984 posts)
22. I have an idea! I have an idea!
Sat Apr 21, 2018, 07:02 PM
Apr 2018

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.

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