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DonViejo

(60,536 posts) Fri Apr 20, 2018, 09:36 AM Apr 2018

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

18 replies

= new reply since forum marked as read

Highlight:

Trump complains of OPEC's 'artificially' high oil prices that 'will not be accepted' (Original Post) DonViejo Apr 2018 OP

Like they care what Trump thinks C_U_L8R Apr 2018 #1

republicans (and russian crony criminals) steal power - oil prices go up Achilleaze Apr 2018 #17

Obviously tRUMP doesn't know his economics... SWBTATTReg Apr 2018 #2

Remember TranssexualKaren Apr 2018 #8

WTF is he talking about? Oil is at a historic low! DetlefK Apr 2018 #3

He Might Be Hearing From The Public That The Price At The Pump Is High....nt global1 Apr 2018 #6

Oil is not at historic low Mrs. Ted Nancy Apr 2018 #14

My bad. But it's definitly lower than it would be without Saudi-Arabia's shenanigans. DetlefK Apr 2018 #16

Kudlow bucolic_frolic Apr 2018 #4

This fucking jackass thinks ... N_E_1 for Tennis Apr 2018 #5

Any price rise in oil helps putin bluestarone Apr 2018 #7

And what's interesting in this cycle of increasing oil prices is that ... SWBTATTReg Apr 2018 #9

Wait until he finds out US oil companies LOVE high barrel prices. marble falls Apr 2018 #10

Boy I'm glad he factored in the ships at sea underpants Apr 2018 #11

Just a tidbit he heard on Faux which he believes will make him sound scholarly groundloop Apr 2018 #12

Ummmm jpak Apr 2018 #13

Gasoline should be $1 a gallon & SWEET crude $30 a barrel. price gouge makes tarsands profitable Sunlei Apr 2018 #15

Pffttt....and when it's show they don't give a damn about you Trump you can use plan B... Bengus81 Apr 2018 #18

C_U_L8R

(45,003 posts)

1. Like they care what Trump thinks

Reply to DonViejo (Original post)

Fri Apr 20, 2018, 09:39 AM

Apr 2018

Achilleaze

(15,543 posts)

17. republicans (and russian crony criminals) steal power - oil prices go up

Reply to C_U_L8R (Reply #1)

Mon Apr 23, 2018, 07:20 AM

Apr 2018

not a coincidence.

SWBTATTReg

(22,133 posts)

2. Obviously tRUMP doesn't know his economics...

Reply to DonViejo (Original post)

Fri Apr 20, 2018, 09:39 AM

Apr 2018

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)

8. Remember

Reply to SWBTATTReg (Reply #2)

Fri Apr 20, 2018, 09:48 AM

Apr 2018

This is basically what did in Jimmy Carter, I for one would love to see him try it.

DetlefK

(16,423 posts)

3. WTF is he talking about? Oil is at a historic low!

Reply to DonViejo (Original post)

Fri Apr 20, 2018, 09:39 AM

Apr 2018

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

(25,253 posts)

6. He Might Be Hearing From The Public That The Price At The Pump Is High....nt

Reply to DetlefK (Reply #3)

Fri Apr 20, 2018, 09:42 AM

Apr 2018

Mrs. Ted Nancy

(462 posts)

14. Oil is not at historic low

Reply to DetlefK (Reply #3)

Fri Apr 20, 2018, 10:52 AM

Apr 2018

In December 1998, oil was $12.90 a barrel (adjusted for inflation).

DetlefK

(16,423 posts)

16. My bad. But it's definitly lower than it would be without Saudi-Arabia's shenanigans.

Reply to Mrs. Ted Nancy (Reply #14)

Mon Apr 23, 2018, 05:15 AM

Apr 2018

bucolic_frolic

(43,180 posts)

4. Kudlow

Reply to DonViejo (Original post)

Fri Apr 20, 2018, 09:40 AM

Apr 2018

is using too much oil as a hair tonic

N_E_1 for Tennis

(9,734 posts)

5. This fucking jackass thinks ...

Reply to DonViejo (Original post)

Fri Apr 20, 2018, 09:41 AM

Apr 2018

everyone is on Twitter and is glued to his feed. His narcissism is unbelievable.

bluestarone

(16,976 posts)

7. Any price rise in oil helps putin

Reply to DonViejo (Original post)

Fri Apr 20, 2018, 09:47 AM

Apr 2018

RUMPY doesn't care at all!! ANYTHING FOR PUTIN!!!!!!

SWBTATTReg

(22,133 posts)

9. And what's interesting in this cycle of increasing oil prices is that ...

Reply to DonViejo (Original post)

Fri Apr 20, 2018, 09:58 AM

Apr 2018

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.