Offbeat: Trump: OPEC is 'doing little to help' with gas prices - - PressFrom - US
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Offbeat Trump: OPEC is 'doing little to help' with gas prices

16:50  05 july  2018
16:50  05 july  2018 Source:   cbsnews.com

Trump says OPEC doing 'little' to help rising gas prices

  Trump says OPEC doing 'little' to help rising gas prices President Trump again took aim at the Organization of Petroleum Exporting Countries on Wednesday, accusing the organization of doing 'little to help' rising gas prices."The OPEC Monopoly must remember that gas prices are up & they are doing little to help," the president tweeted Wednesday afternoon, on the Fourth of July holiday. "If anything, they are driving prices higher as the United States defends many of their members for very little $'s. This must be a two way street.

President Donald Trump says OPEC is " doing little to help " rising gas prices and claims "if anything, they are driving prices higher." However, summer months in the U.S. usually lead to increased demand for oil, boosting the price of gasoline in a midterm election year.

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Donald Trump wearing a suit and tie: U.S. President Donald Trump speaks as he departs the White House in Washington, U.S., on his way to the G7 Summit in Canada, June 8, 2018.© Kevin Lamarque / REUTERS U.S. President Donald Trump speaks as he departs the White House in Washington, U.S., on his way to the G7 Summit in Canada, June 8, 2018.

President Donald Trump says OPEC is "doing little to help" rising gas prices and claims "if anything, they are driving prices higher."

Mr. Trump tweeted Wednesday: "The OPEC Monopoly must remember that gas prices are up & they are doing little to help. If anything, they are driving prices higher as the United States defends many of their members for very little $'s. This must be a two way street. REDUCE PRICING NOW!"

Last month, members of the Organization of the Petroleum Exporting Countries cartel agreed to pump 1 million barrels more crude oil daily, a move that should help contain the recent rise in global energy prices. However, summer months in the U.S. usually lead to increased demand for oil, boosting the price of gasoline in a midterm election year.

Oil edges higher as Trump demands OPEC lower prices

  Oil edges higher as Trump demands OPEC lower prices Oil futures trade slightly higher Thursday as investors await a closely anticipated report on U.S. supplies and after President Donald Trump demanded OPEC cut prices.Traders are also awaiting weekly data from the U.S. Energy Information Administration on domestic crude supplies.

President Donald Trump says OPEC is " doing little to help " rising gas prices and claims "if anything, they are driving prices higher." If anything, they are driving prices higher as the United States defends many of their members for very little $'s. This must be a two way street.

The OPEC Monopoly must remember that gas prices are up & they are doing little to help . If anything, they are driving prices higher as the United States defends President Trump again took aim at OPEC on Wednesday, accusing the organization of doing ' little to help ' rising gas prices .

Iran's representative to OPEC says U.S. President Donald Trump should stop tweeting about wanting lower oil prices, saying that doing so has the opposite effect.

Hossein Kazempour Ardebili was quoted by the oil ministry's website Thursday as telling Trump to "please stop," adding that "with your frequent and indecent tweets oil prices have gone up 10 dollars."

Tehran blames rising prices on U.S. sanctions imposed on Iran and Venezuela, founding members of the cartel. Last month, members of OPEC agreed to pump an additional 1 million barrels of crude daily, a move that should help contain prices.

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Oil hits highest level since 2014 after huge stockpile drop .
Oil jumped to a level last seen in late 2014 after U.S. crude stockpiles tumbled by the most in almost two years. Futures rose 3.2 percent in New York on Wednesday. Domestic crude inventories declined by 9.89 million barrels last week, as refiners boosted oil processing rates and exports soared to a record, the Energy Information Administration said. Oil stored at the key pipeline hub in Cushing, Oklahoma, shrank for a sixth straight week.Prices already had been rallying as U.S. President Donald Trump’s administration sought to dissuade purchases of oil from Iran, OPEC’s third-largest crude producer.

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