ThatOwlWoman (04-22-2018)
Trump is a damned fool.. Brent and Texas sweet are always higher than OPEC..
Surging oil prices trigger Trump attack on OPEC
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.
Continental Resources did not respond to a request for comment.
Trump portrays himself as pro-business, but he has also attacked major American companies like Amazon (AMZN), threatened to start a costly trade war with China and gone after drug makers for high prices.
continued
http://money.cnn.com/2018/04/20/news...ump/index.html
ThatOwlWoman (04-22-2018)
As usual, he has to create a villain, every melodrama has to have a bad guy, attempting to insure rising gas prices don't reflect upon him he resurrects OPEC as the scoundrel, predictable demagoguery, keep it simple and your followers will swallow it
Irony is that he is all buddie buddie with Saudi Arabia now who happens to be the influential player in OPEC
signalmankenneth (04-21-2018), ThatOwlWoman (04-22-2018)
ThatOwlWoman (04-22-2018)
Trump has told Pruitt to stand down .... slashing environmental regs.
it's a cartel that puts production limits. of course it's more then that - world demand is risingTrump 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.
The fact is that the american economic system cannot prop itself up without war and will be at war until it goes down.
Clinton: OPEC 'can no longer be a cartel'
By BEN SMITH 05/05/2008 05:07 PM EDT
Clinton's attacks on oil prices as artificially inflated, Enron-style, keep escalating, and today she appeared to threaten to break up the Organization of Petroleum Exporting Countries.
"We’re going to go right at OPEC," she said. "They can no longer be a cartel, a monopoly that get together once every couple of months in some conference room in some plush place in the world, they decide how much oil they’re going to produce and what price they’re going to put it at,"
https://www.politico.com/blogs/ben-s...-cartel-008424
Watch, liberals will not complain about Hillary and will defend her.
Such incredible hypocrisy.
kudzu (04-21-2018), ThatOwlWoman (04-22-2018)
Sailor (04-21-2018)
Not really. Saudi Arabia is planning on offering an very small percentage IPO in Aramco so they decided to cooperate with OPEC in order to drive the value of the company up when they used to refuse to cut production. I think it is only supposed to be about 5% but they want to maximize the revenue and hope taking oil to $100/barrel will get them the cash they expect for the stock.
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