Trump wants greater production and lower oil prices
Pres. Trump has been talking about bringing the price of oil lower and encouraging an increase in production. Iran has some words for Pres. Trump (who also left the Iran Deal and reimposed trade constraints in the process).
- OPEC is not in organization to receive instructions from Trump
- OPEC is not part of the US Department of Energy
- Oil is not a weapon or political tool
- Does not think there will be agreement at this OPEC meeting
- High price situation has been created by Trump
It is thought, that the high price situation in oil is partly attributed to the US leaving the Iran Deal and imposing sanction back on Iran (Venezuela and a run down of high inventory levels are also a reason for supply and demand coming back in line and the price moving higher).
Tax cuts from Pres. Trump are partly being offset by the higher price for gas at the pump, especially for the middle to lower class who has a higher proportion of their income go toward gas when the price moves higher. .
