Sunday, October 14, 2018

Trump: 'Oil Prices Are Too High'

Donald Trump took to Twitter on Wednesday morning in an apparent attempt to talk down the price of oil.

Oil prices are too high, OPEC is at it again. Not good!

— Donald J. Trump (@realDonaldTrump) June 13, 2018

Oil prices are set, for the most part, by Saudi Arabia and, to a lesser extent, it’s OPEC partners.

After Trump tweeted his unhappiness with the price of oil in April, the price of oil fell.

“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!” Trump wrote on Twitter in April.

Prior to Trump’s April tweet, the price of oil had soared from $50 a barrel last fall to over $70. In late May, that decline reversed and the price oil declined as Russia and Saudi Arabia indicated a willingness to accept lower prices. But that decline plateaued in recent days and there have been signs that oil could head higher again.

Trump’s latest tweet comes ahead of a gathering of OPEC members on June 22.

John Carney

More From: Donald Trump, John Carney
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