Oil prices soar after Trump dumps Iran nuclear deal

PostmodernProphet said:
I should think not, since he was irresponsible......
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Obama never bragged that he was responsible for oil prices because NO president is, but during his presidency the domestic oil industry was stronger and more productive than it had been since 1970.

555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555diffe5rece?55555555555555555555555555555555555555555555555555555555555555555555555Trump brags.. a5bo5ut e5thing, but 5he's555 55555555o5f a man.555555555555555555555555555555555555555555555555555555555555555555555
 
krudzu said:
Obama never bragged that he was responsible for oil prices because NO president is, but during his presidency the domestic oil industry was stronger and more productive than it had been since 1970. 555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555diffe5rece?55555555555555555555555555555555555555555555555555555555555555555555555Trump brags.. a5bo5ut e5thing, but 5he's555 55555555o5f a man.555555555555555555555555555555555555555555555555555555555555555555555
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You seem upset. Need a moment?
 
kudzu said:
Obama never bragged that he was responsible for oil prices because NO president is, but during his presidency the domestic oil industry was stronger and more productive than it had been since 1970.

555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555diffe5rece?55555555555555555555555555555555555555555555555555555555555555555555555Trump brags.. a5bo5ut e5thing, but 5he's555 55555555o5f a man.555555555555555555555555555555555555555555555555555555555555555555555
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your pocket call was more informative than your post......however the real failure was when you didn't realize the domestic oil industry was stronger and more productive DESPITE the fact Obama cut new permits for domestic production by nearly half as was previously shown.........
 
http://money.cnn.com/2018/05/25/news/economy/gas-prices-memorial-day-summer/index.html


Gas prices are up 31% from last Memorial Day. Here's why

2 days ago - Get ready for sticker shock at the gas station if you're one of the estimated 36 million Americans hitting the roads this Memorial Day weekend. ... A spike in crude oil prices has lifted the national average price of gas by 31% over the past year to an average of $2.97 a gallon ...


Something wrong with my computer........
 
krudzu said:
Something wrong with my computer........
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There's something wrong with your logic. From the article you cited:

Thanks OPEC and Russia: The rebound in oil prices from the crash of 2015-2016 was engineered in large part by OPEC. The oil cartel teamed up with Russia to slash production beginning in early 2017 in a bid to fix a supply glut. That strategy eventually worked and global oil stockpiles, especially in the United States, have declined steadily. In fact, OPEC and Russia's moves have been strong enough to offset soaring production from the shale revolution in the United States.
 
http://money.cnn.com/2018/05/25/news/economy/gas-prices-memorial-day-summer/index.html


Gas prices are up 31% from last Memorial Day. Here's why

2 days ago - Get ready for sticker shock at the gas station if you're one of the estimated 36 million Americans hitting the roads this Memorial Day weekend. ... A spike in crude oil prices has lifted the national average price of gas by 31% over the past year to an average of $2.97 a gallon ...


Something wrong with my computer........
 
Legion said:
There's something wrong with your logic. From the article you cited:

Thanks OPEC and Russia: The rebound in oil prices from the crash of 2015-2016 was engineered in large part by OPEC. The oil cartel teamed up with Russia to slash production beginning in early 2017 in a bid to fix a supply glut. That strategy eventually worked and global oil stockpiles, especially in the United States, have declined steadily. In fact, OPEC and Russia's moves have been strong enough to offset soaring production from the shale revolution in the United States.
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Ye
 
Legion said:
There's something wrong with your logic. From the article you cited:

Thanks OPEC and Russia: The rebound in oil prices from the crash of 2015-2016 was engineered in large part by OPEC. The oil cartel teamed up with Russia to slash production beginning in early 2017 in a bid to fix a supply glut. That strategy eventually worked and global oil stockpiles, especially in the United States, have declined steadily. In fact, OPEC and Russia's moves have been strong enough to offset soaring production from the shale revolution in the United States.
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Yes there was a glut because Saudi ARAMCO ramped up production to put pressure on Iran.. Then in 2017 they cut production to relieve stress on US shale producers.
 
ptif219 said:
So now you want Trump to control Opec?]
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He can't control them, but it looks like he can pressure them.

Saudi Arabia and Russia are discussing raising OPEC and non-OPEC oil production by some 1 million barrels a day, while OPEC's chief said a complaint from U.S. President Donald Trump over higher prices triggered the idea of upping output.

Riyadh and Moscow are prepared to ease output cuts to calm consumer worries about supply adequacy, their energy ministers said on Friday, with Saudi Arabia's Khalid al-Falih adding that any such move would be gradual so as not to shock the market.

Raising production would ease 17 months of strict supply curbs amid concerns that a price rally has gone too far.

Talks are being led by the energy ministers of OPEC kingpin Saudi Arabia and Russia at St. Petersburg this week along with their counterpart from the United Arab Emirates, which holds the OPEC presidency this year.

China has also raised concerns about whether enough oil is being pumped, according to a Saudi statement issued after Energy Minister Falih called China's energy chief on Friday.

OPEC may decide to raise oil output as soon as June.


https://www.usnews.com/news/top-news/articles/2018-05-25/exclusive-opec-russia-discuss-raising-oil-output-by-about-1-million-barrels-per-day-sources
 
OPEC doesn't give a fig about Trump.. He's need for flattery and to take credit not withstanding. OPEC would be thrilled at $75-80 a barrel and so would US shale and Russia.

"Stockpiling oil" is really dumb and expensive.. You want to leave oil in the ground.. Oil is a "just in time"
 
OPEC doesn't give a fig about Trump.. He's need for flattery and to take credit not withstanding. OPEC would be thrilled at $75-80 a barrel and so would US shale and Russia.

"Stockpiling oil" is really dumb and expensive.. You want to leave oil in the ground.. Oil is a "just in time"
 
krudzu said:
OPEC doesn't give a fig about Trump.. He's need for flattery and to take credit not withstanding.
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OPEC's chief said a complaint from U.S. President Donald Trump over higher prices triggered the idea of upping output.

https://www.usnews.com/news/top-news/articles/2018-05-25/exclusive-opec-russia-discuss-raising-oil-output-by-about-1-million-barrels-per-day-sources[/QUOTE]
 
kudzu said:
Obama never bragged that he was responsible for oil prices because NO president is, but during his presidency the domestic oil industry was stronger and more productive than it had been since 1970.

555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555diffe5rece?55555555555555555555555555555555555555555555555555555555555555555555555Trump brags.. a5bo5ut e5thing, but 5he's555 55555555o5f a man.555555555555555555555555555555555555555555555555555555555555555555555
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Gas prices went up 96% under Obama.

Obama said the economy was improving yet, at the same time, more and more people were going on food stamps. You do know he holds the record for having the most of any President?
 
Gas prices are affected by speculation. It is traded on the comm. mkt in London and New York. When Trump is threatening Iran and SK wars, the price of gas soars. Same for his tariff talks. Trump does impact the oil prices.
 
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