WASHINGTON — Jun 13, 2018, 8:35 AM ET

Trump declares oil prices too high, blames OPEC

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President Donald Trump is declaring that oil prices are too high and blaming a coalition of countries that control a significant portion of the world's supply of crude petroleum.

Trump tweeted on Wednesday: "Oil prices are too high, OPEC is at it again. Not good!"

OPEC is the Organization of Petroleum Exporting Countries, a group of 14 oil-producing nations that had agreed to tighten supply to shore up crude prices. OPEC is expected to meet again later this month.

Since early 2017, OPEC and other oil-producing countries have agreed to reduce supply in a bid to bolster oil prices. That move took U.S. crude from about $50 a barrel in late 2016 to more than $70 in 2018. OPEC members include Iran, Iraq, Kuwait, Saudi Arabia and Venezuela.

News - Trump declares oil prices too high, blames OPEC

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  • Furrmin The Cat

    He needs to stay in his lane on this. if prices go down too far fracking becomes too expensive and US wells stop pumping.....................again.

  • Rubber Banned

    I can see him actually declaring that like a royal decree: "I hereby declare that oil prices are too high, and should therefore be lower!"

  • Lawrence Wilson

    Shure OPEC, who we import almost nothing from, reduced their exports forcing us to raise our prices. Meanwhile we continue to shut down our production so as to combat the domestic glut. Makes perfect sense, NOT!

  • JuPMod

    Ironic. He just now started to complain about high oil prices, yet the price of gas has been *dropping* in the past week.

  • Ole Sckooler

    Question of today America. Don't we have shale oil from the Dakotas therefore what Herr Trump says is pretty much irrelevant? Why not use that oil? Hmmmmmm.....If it cost too high, then stop going to OPEC! Simple enough don't you think. The US of A could be swimming in oil but Trumpee insulted Mexico, Canada, Africa, and South America. Maybe Russia could import us some and be in deeper pockets of Putin!

  • WhoIsThis

    but didn't Donald say that trade wars were easy to win ???

  • David

    Last year when sweet crude was selling around 40 bucks a barrel Trump wanted to sell half of our National Reserve, at todays' prices that would have equated to approximately to a 90 billion dollar loss. Is it any wonder why he's filed 4 bankruptcies in his business career and he's sooooo smart.

  • CantStoptheSignal

    Wow. Trump is actually blaming someone else besides Obama, Hillary, the press and liberals.

    ASTONISHING!

  • @ Clown Parade

    We can get more from Iran....oh........0ooooops!

  • Robin Shuman

    Watch out Don the Con, you may need another $500,000 loan for you or one of the kids !

  • Ctrygrl

    UAE, Saudi, etc are just collecting more money for the presidents 2020 campaign.

  • Dennis F

    It doesn't take much comprehension to realize that lots more larger vehicles (SUVs, pickups, etc) on the road traveling at higher speeds equals higher demand. Global demand for oil was about 86.4 Million barrels per day in 2010. In 2017 it had risen to about 97.8 million barrels per day. It is expected to average 99.3 million barrels per day for the year 2018.

    That is about a 15% increase in demand in 8 years. If you want to pay less for gas...SLOW DOWN and we will burn less gas!

  • Dicazi

    Guess they're doing "Opec First".
    I also guess Trump doesn't realize that higher oil prices mean higher profits for American oil producers.
    And hey, we're exporting now, right?

  • sixstrings

    OPEC does manipulate the price of oil...as the article points out.

    Trump said as much...what's the big deal?

  • doubledouble

    Donnie. You are too funny, you can’t control everything, as much as you want. America was moving away from OPEC and was sourcing its oil in friendly, accesssble Canada.
    But look what you did. Now our pipeline is going to go east west.
    You are your own worst enemy

  • Richard

    Well, Trump was on a talk show 3 yrs ago, complaining about the Saudi's screwing the US, and IF he were President, he would have gas at 50 cents a gallon.....so where is it???? Just like he had a health plan that was better, cheaper, and everybody would be covered. What a Con Man.

  • SSiderSense

    Apparently the peanut gallery here likes paying high prices for gas. About time a US President challenges OPEC.

  • Lee Thompson

    Who will Trump blame when 'his' tariffs cause higher prices here?

  • Prophet With Honor

    Many OPEC members need high prices to support their governments. Others can do just fine at lower prices. If Saudi, Kuwait, and UAE pull out as Indonesia did they can flood the market and drive prices back down.

  • Alexthekay

    Well, yes, OPEC acts as a cartel to reduce supplies in order to increase prices. This is the whole point of a cartel. You might wish for Trump to learn from this--in union, there is strength. Pushing your allies away and calling them names is not something that results in strength. I mean, duh.

  • AlexaGuyer

    "Not good." There is that massive vocabulary of Trump again. Maybe the cost of oil has a little something to do with those tariff's, eh?

  • IT-Worker-Since-1990

    Isn't this the same idiot who wanted Congress to enact a 25 cents per gallon tax to gas prices too? This happened back in February.

  • socalledbob

    How is "that is going to cost him a lot of money."? Need some details. And why?

  • Phoenix Punk

    GO TRUMP! Never thought I'd say that.

  • B-K KnightRider

    So Donald, what tyrannical socialist solution do you suggest?

  • fmd160

    OMG, will Trump ever stop talking or tweeting his ignorant nonsense?

  • david

    If Trump was so concerned about oil prices, then why did he VIOLATE the Iran agreement and virtually ensure that oil prices would rise?? The only ones dumber than this jag-a-loon we have in the white house are the bigger loons that voted for him....

  • mrphilbert

    So, pulling out of the nuclear deal and sanctioning Iran had nothing to do with it? The consequences of his actions are always someone elses fault. I'm sure the opec countries will now just increase their production out of largesse after being thrown under the bus. This will not go well (again).

  • Prophet With Honor

    This should be fun...

  • Anthony

    Here comes ≤$1.50/gallon gas.