Trump Tweets High Crude Prices ‘Will Not Be Accepted,’ Oil Plummets

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illeatyourdates2
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Trump Tweets High Crude Prices ‘Will Not Be Accepted,’ Oil Plummets

Post by illeatyourdates2 » Sat Apr 21, 2018 7:53 am

THANK YOU GREAT PRESIDENT TRUMP!!!!!!!

Trump Tweets High Crude Prices ‘Will Not Be Accepted,’ Oil Plummets

By Randy DeSoto
April 20, 2018 at 1:47pm

The cost of a barrel of oil fell on Friday after President Donald Trump tweeted that the high crude prices “will not be accepted.”

Prices were on the rise as key officials from the Organization of the Petroleum Exporting Countries and other non-members including Russia met in Saudi Arabia and recommitted to restricting oil production output for the rest of the year, the Wall Street Journal reported.

The cartel entered into a pact in 2016 to restrict supplies in an effort to drive up prices.

Trump tweeted early Friday morning, “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!”

According to the Journal, Brent crude — the global market benchmark — dropped 0.75 percent to $73.23 a barrel following Trump’s announcement, after rising earlier in the day to its highest level in over three years.

Similarly, West Texas Intermediate oil futures fell 0.7 percent to $67.87 per barrel.

“OPEC and 10 producers outside the cartel have been holding back oil output by around 1.8 million barrels a day since the start of 2017,” the Journal reported. “The deal is set to expire at the end of this year, but Saudi Arabia has indicated the participants could continue to hold back output into 2019.”

In March, OPEC and its allies achieved 140 percent of their output cutting goal.

Other upward pressures on oil prices include the possible reinstatement of sanctions against Iran and Russia, as well as the steep decline in production from Venezuela.

Saudi Arabia’s Energy Minister Khalid Al-Falih countered Trump’s view that oil prices are artificially high, Bloomberg reported.

“We have seen prices significantly higher in the past, twice as much as where we are today and the global economy has the ability to absorb costlier crude,” Al-Falih said.

Saudi Arabia is aiming to get the cost of a barrel of oil back up to between $80 to $100 per barrel.

The Trump administration has made increasing oil production in the U.S. a top priority.

It has opened federal lands and offshore locations for exploration, and the tax reform law passed in December approved drilling in the Alaska National Wildlife Refuge.

CNBC reported in January that oil production in the country topped 10 million barrels a day for the first time since 1970 and could surpass 12 million by the end of 2019, which would make the U.S. the top producer in the world.

https://www.westernjournal.com/trump-tw ... tyalliance

:angel:
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Re: Trump Tweets High Crude Prices ‘Will Not Be Accepted,’ Oil Plummets

Post by Pete » Sat Apr 21, 2018 8:00 am

MAGA!
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Re: Trump Tweets High Crude Prices ‘Will Not Be Accepted,’ Oil Plummets

Post by thelionofthenorth » Sat Apr 21, 2018 9:05 am

They've got their facts wrong.

Brent crude, for instance, was only down 10 cents on the day, 0.14%.

>Brent Crude-Jul 2018
@BZ0Y New York Mercantile Exchange-$/bbl
US Markets Closed

73.68

-0.10
-0.14%
April 20, 2018 4:48 PM EDT. Delayed 15 minutes. Currency In USD <
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Re: Trump Tweets High Crude Prices ‘Will Not Be Accepted,’ Oil Plummets

Post by brookboy123 » Sat Apr 21, 2018 9:38 am

illeatyourdates2 wrote:
Sat Apr 21, 2018 7:53 am
THANK YOU GREAT PRESIDENT TRUMP!!!!!!!

Trump Tweets High Crude Prices ‘Will Not Be Accepted,’ Oil Plummets

By Randy DeSoto
April 20, 2018 at 1:47pm

The cost of a barrel of oil fell on Friday after President Donald Trump tweeted that the high crude prices “will not be accepted.”

Prices were on the rise as key officials from the Organization of the Petroleum Exporting Countries and other non-members including Russia met in Saudi Arabia and recommitted to restricting oil production output for the rest of the year, the Wall Street Journal reported.

The cartel entered into a pact in 2016 to restrict supplies in an effort to drive up prices.

Trump tweeted early Friday morning, “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!”

According to the Journal, Brent crude — the global market benchmark — dropped 0.75 percent to $73.23 a barrel following Trump’s announcement, after rising earlier in the day to its highest level in over three years.

Similarly, West Texas Intermediate oil futures fell 0.7 percent to $67.87 per barrel.

“OPEC and 10 producers outside the cartel have been holding back oil output by around 1.8 million barrels a day since the start of 2017,” the Journal reported. “The deal is set to expire at the end of this year, but Saudi Arabia has indicated the participants could continue to hold back output into 2019.”

In March, OPEC and its allies achieved 140 percent of their output cutting goal.

Other upward pressures on oil prices include the possible reinstatement of sanctions against Iran and Russia, as well as the steep decline in production from Venezuela.

Saudi Arabia’s Energy Minister Khalid Al-Falih countered Trump’s view that oil prices are artificially high, Bloomberg reported.

“We have seen prices significantly higher in the past, twice as much as where we are today and the global economy has the ability to absorb costlier crude,” Al-Falih said.

Saudi Arabia is aiming to get the cost of a barrel of oil back up to between $80 to $100 per barrel.

The Trump administration has made increasing oil production in the U.S. a top priority.

It has opened federal lands and offshore locations for exploration, and the tax reform law passed in December approved drilling in the Alaska National Wildlife Refuge.

CNBC reported in January that oil production in the country topped 10 million barrels a day for the first time since 1970 and could surpass 12 million by the end of 2019, which would make the U.S. the top producer in the world.

https://www.westernjournal.com/trump-tw ... tyalliance

:angel:
These Trump gas prices are starting to get ridiculous........up over 50 cents per gallon since January.
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Re: Trump Tweets High Crude Prices ‘Will Not Be Accepted,’ Oil Plummets

Post by nolaxride » Sat Apr 21, 2018 9:47 am

Reality says differently.

https://oilprice.com/Energy/Energy-Gene ... iment.html

I'm surprised conservatives aren't screaming about record high oil prices. The average family gets $30 a week in tax cuts and a $60 a week in increased prices because of oil. Good job, Donnie.

The good news is that anything above $70 a barrel puts tens of thousands to work in the oil fields. Assuming we have the workers.
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Re: Trump Tweets High Crude Prices ‘Will Not Be Accepted,’ Oil Plummets

Post by stuporstitionist » Sat Apr 21, 2018 10:50 am

Remember, Putin benefits from high oil prices.
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Re: Trump Tweets High Crude Prices ‘Will Not Be Accepted,’ Oil Plummets

Post by Scooter » Sat Apr 21, 2018 10:57 am

Remember, Liberals benefit from being stupid uneducated shaved apes. Let's see how gas prices were under Obunghole, shall we?

Gas prices are notorious for fluctuating wildly. During Obama's tenure, the national average for a gallon of regular gas has been as high as almost $4 in 2011 and as low as $1.85 a gallon the month he took office (Thanks W).


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Re: Trump Tweets High Crude Prices ‘Will Not Be Accepted,’ Oil Plummets

Post by evilconempire » Sat Apr 21, 2018 11:04 am

Straight to the "but...but...but Obama" fail.
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Re: Trump Tweets High Crude Prices ‘Will Not Be Accepted,’ Oil Plummets

Post by chucky » Sat Apr 21, 2018 11:18 am

OPEC for the most part determines the price of oil. Until we can independently produce enough non fossil fool energy to meet to meet our needs we are somewhat at their mercy.
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Re: Trump Tweets High Crude Prices ‘Will Not Be Accepted,’ Oil Plummets

Post by evilconempire » Sat Apr 21, 2018 11:24 am

chucky wrote:
Sat Apr 21, 2018 11:18 am
OPEC for the most part determines the price of oil. Until we can independently produce enough non fossil fool energy to meet to meet our needs we are somewhat at their mercy.
We meet approx. 90% of our needs and are a net-exporter of crude oil. The price of domestic oil will always shadow foreign.
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