US President Donald Trump has once again made Organization of Petroleum Exporting Countries (OPEC) responsible for rising gasoline prices in US. "The OPEC monopoly needs to remember that gasoline prices are rising and it does little to help," wrote Trump on Twitter. "If anything, y will raise prices, while United States is defending many of members for very little money." It's not a one-way street. "Now reduce prices," demanded Trump.
The OPEC monopoly must remember that gas prices are up and y are doing little to help. If anything, y are driving prices higher as United States defends many of ir members for very little $ 's. This must be a two way street. Reduce pricing Now!— Donald J. Trump (@realDonaldTrump) July 4, 2018
High oil and gasoline prices could be a problem for Republicans in November congressional elections. This is not just about consumers: Trump wants to strengn US economy with its tax cuts and withdrawal of regulations. Higher oil prices could hinder recovery, because y cost households and businesses a lot of money.
The US president has refore criticized OPEC on several occasions. "Oil prices are too high," he tweeted in June, for example. "Not good!" According to Trump, Saudi Arabia, as leading OPEC member, is ready to expand its oil production. However, this has not been confirmed by kingdom.
OPEC had decided in June to expand production by around one million barrels per day or by one percent of global demand. However, this is not enough for large customers such as USA and China. The comments of Suhail al-Masruei, energy Minister of United Arab Emirates, also caused scepticism. He indicated that it was difficult for some of producing countries to increase funding, which is why it is unclear wher production will actually rise as much as decided. This meant, among or things, Iran sanctioned by West and Venezuela.Updated Date: 05 July 2018, 12:01