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Thread: Surging oil prices trigger Trump attack on OPEC

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    Default Surging oil prices trigger Trump attack on OPEC

    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

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    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

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    Quote Originally Posted by archives View Post
    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
    Everybody in the oil business is laughing their asses off at Trump.. OPEC's price basket is still lower than domestic crude.

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    Trump has told Pruitt to stand down .... slashing environmental regs.

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    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.
    it's a cartel that puts production limits. of course it's more then that - world demand is rising

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    Quote Originally Posted by noise View Post
    it's a cartel that puts production limits. of course it's more then that - world demand is rising
    OPEC has ALWAYS been cheaper than domestic crude....................

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    The fact is that the american economic system cannot prop itself up without war and will be at war until it goes down.

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    Quote Originally Posted by archives View Post
    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
    Russia

    Putin

    BOOOOO!

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    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.

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    Quote Originally Posted by Yaya View Post
    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.
    This as not about Hillary. Last i saw, Trump was president. No hypocrisy involved. This is Trump v OPEC.

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    Quote Originally Posted by Yaya View Post
    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.
    You post a quote from 10 years ago, when OPEC controlled a much higher percentage of the market the they do today. Is this the best your handlers can find?

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    Quote Originally Posted by Yaya View Post
    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.
    Hillary was being stupid.. OPEC has been our swing producer for decades to keep supply and price as steady as possible.

    High prices in 2008 were caused by TWO wars in Iraq and Afghanistan.

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    Quote Originally Posted by kudzu View Post
    Hillary was being stupid.. OPEC has been our swing producer for decades to keep supply and price as steady as possible.

    High prices in 2008 were caused by TWO wars in Iraq and Afghanistan.
    I have to give it to you Kudzu. Your posts are politically unbiased and based on facts. I like that.

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    Quote Originally Posted by Sailor View Post
    I have to give it to you Kudzu. Your posts are politically unbiased and based on facts. I like that.

    Thank you......

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    Quote Originally Posted by Nordberg View Post
    This as not about Hillary. Last i saw, Trump was president. No hypocrisy involved. This is Trump v OPEC.
    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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