Trump To OPEC ‘Allies’: “Reduce Oil Prices Now” Or Lose US Defense Shield

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Update: For the umpteenth time this year, President Trump has lashed out at OPEC over soaring oil prices (and therefore gas prices): “The OPEC Monopoly must remember that gas prices are up & they are doing little to help. If anything, they are driving prices higher.”

Then Trump escalated his rhetoric, appearing to threaten the withdrawal of support unless action is taken “…the United States defends many of their members for very little $’s. This must be a two way street. REDUCE PRICING NOW! “

This is coming after reports that Trump asked the Saudis to increase production by 2mm barrels and that they agreed.

President Trump has not been shy of expressing his views to OPEC… Continue reading

What Happens When Oil Hits $100?

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Strong demand for oil is driving prices steadily higher. And if you think it’s bad here in the U.S., imagine living in Europe.

Brent crude (which is the European crude oil benchmark) is trading for more than $80 per barrel. That’s about $8.00 per barrel higher than the price for oil here in the U.S.

The growing global economy is creating plenty of demand for oil. And of course, when demand is high, prices naturally rise. Continue reading