Just days before Thanksgiving, President Donald Trump has unveiled the massive surprise he’s been working on for months. Every single American is going to benefit, and the Saudis are likely furious.
Crude oil prices are tanking, and for that, you can thank President Donald Trump. From the beginning of 2018 until October, crude oil prices surged from under $60 per barrel to over $75.
However, since peaking at $76 a barrel in early October, the bottom has fallen out from the price of crude oil, collapsing it as low as $55 per barrel in early November. And it’s all because President Trump was cleverly able to pull one over on Saudi Arabia.
Saudi Arabia has the second-largest oil reserves in the world, and it is one of the largest oil-producing nations on earth. According to CNBC:
Saudi Arabia pulled off a challenging U-turn in global oil market policy, convincing a fractious group of two dozen nations to hike output and undercut the oil market rally that was filling their coffers. The Saudis undertook this unpopular task at least in part to help its allies in the White House — and for its troubles, the kingdom was rewarded with a series of blistering tweets from President Donald Trump and the biggest pullback in oil prices since the historic downturn of 2014.
In other words, the Saudis encouraged other nations to boost oil production, thus lowering the price of oil, so as to not annoy President Donald Trump.
High oil prices have drawn Trump’s wrath on Twitter in the past. “Looks like OPEC is at it again,” the president tweeted in April. “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!”
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!
— Donald J. Trump (@realDonaldTrump) April 20, 2018
“Oil prices are too high, OPEC is at it again. Not good!” Trump reiterated in June.
Oil prices are too high, OPEC is at it again. Not good!
— Donald J. Trump (@realDonaldTrump) June 13, 2018
Less than two weeks later, Saudi Arabia was doing an about-face. “Just spoke to King Salman of Saudi Arabia and explained to him that, because of the turmoil & disfunction in Iran and Venezuela, I am asking that Saudi Arabia increase oil production, maybe up to 2,000,000 barrels, to make up the difference…Prices to high! He has agreed!” Trump tweeted.
Just spoke to King Salman of Saudi Arabia and explained to him that, because of the turmoil & disfunction in Iran and Venezuela, I am asking that Saudi Arabia increase oil production, maybe up to 2,000,000 barrels, to make up the difference…Prices to high! He has agreed!
— Donald J. Trump (@realDonaldTrump) June 30, 2018
The end result has been substantially lower crude oil prices.
Oil analysts are in agreement that Trump “hoodwinked” Saudi Arabia into pushing the global oil market into oversupply. “They got sort of tricked here,” said John Kilduff, the manager of a hedge fund that specializes in energy-related investments.
“The Russians and the Saudis, in particular, ramped up production, ramped up exports ahead of what was supposed to be severe sanctions on Iran, and when the administration gave the eight waivers to Iran’s largest buyers, it undercut that whole equation,” Kilduff explained.
“So now we’ve tripped into an oversupply situation almost overnight because of the severe reaction by Russia and the Saudis to cover for Iran losses, which never materialized,” he added.
This is precisely why millions of Americans went to the polls to elect a businessman — not a politician — as President of the United States. Donald Trump knows the art of the deal, and he is using it to boost the economy for Americans.
A staunch nationalist, President Trump has, and always will, put America first. In this case, he has stealthily manipulated the global oil market to bring us lower prices at the pump.
Spread the good news by sharing this post if you’re grateful that our president is working hard so that you can keep more of your hard-earned paycheck instead of spending it all on gas so the Saudis can line their pockets!