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Offline edpc

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Trump blasts OPEC, says cartel is keeping oil prices 'artificially very high' and that 'will not be
« on: April 20, 2018, 05:11:27 pm »
President Donald Trump blasted the oil-producing cartel OPEC on Twitter on Friday.

"Looks like OPEC is at it again," he wrote. "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!"

WTI oil prices hit a three-year high above $69 a barrel this week and were still trading above $68 on Friday. The international benchmark, Brent crude, was above $73 on Friday after also hitting its highest level since November 2014 this week.

https://www.cnbc.com/2018/04/20/trump-says-opec-is-keeping-oil-prices-artificially-very-high-and-that-will-not-be-accepted.html
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Offline edpc

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Re: Trump blasts OPEC, says cartel is keeping oil prices 'artificially very high' and that 'will not
« Reply #1 on: April 20, 2018, 05:14:24 pm »
It was artificially high in 2008, when the price per barrel pushed $150 and artificially low when the Saudis flooded the market to undercut Russia a few years back.  After that, the prices dropped into the 20s per barrel.   Now, it’s probably about where it should be.
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Offline thackney

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Re: Trump blasts OPEC, says cartel is keeping oil prices 'artificially very high' and that 'will not
« Reply #2 on: April 20, 2018, 05:24:33 pm »


Monthly Oil Market Report - April 2018
http://www.opec.org/opec_web/en/data_graphs/335.htm
Page 52

- - - - - - - - -

Global oil supply eased by 120 kb/d in March, to 97.8 mb/d, after OPEC and non-OPEC producers deepened their cuts to 2.4 mb/d. Output was nevertheless 1.4 mb/d higher than a year ago mainly due to higher US production. Non-OPEC supply is set to grow by 1.8 mb/d in 2018.

OPEC crude production fell by 200 kb/d in March, to 31.83 mb/d, on further declines in Venezuela and lower output in Africa. Compliance with the output deal reached 163%. The call on OPEC crude and stocks will hover around 32.5 mb/d for the rest of this year.



Oil Market Report
International Energy Agency
https://www.iea.org/oilmarketreport/omrpublic/
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Offline Formerly Once-Ler

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Re: Trump blasts OPEC, says cartel is keeping oil prices 'artificially very high' and that 'will not
« Reply #3 on: April 20, 2018, 05:26:30 pm »
I like cheap gas.  I hope Trump can do something about it.  I don't know how he can.
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Offline edpc

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Re: Trump blasts OPEC, says cartel is keeping oil prices 'artificially very high' and that 'will not
« Reply #4 on: April 20, 2018, 05:29:49 pm »
Quote from: Once-Ler on April 20, 2018, 05:26:30 pm
I like cheap gas.  I hope Trump can do something about it.  I don't know how he can.


It doesn’t help when he suggests gas tax hikes between 25-50 cents per gallon for infrastructure funding.
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Offline thackney

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Re: Trump blasts OPEC, says cartel is keeping oil prices 'artificially very high' and that 'will not
« Reply #5 on: April 20, 2018, 05:31:30 pm »
Quote from: Once-Ler on April 20, 2018, 05:26:30 pm
I like cheap gas.  I hope Trump can do something about it.  I don't know how he can.

He has talked of opening more offshore areas to drilling.  That will help in the long run.
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Offline edpc

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Re: Trump blasts OPEC, says cartel is keeping oil prices 'artificially very high' and that 'will not
« Reply #6 on: April 20, 2018, 05:34:21 pm »
Quote from: thackney on April 20, 2018, 05:31:30 pm
He has talked of opening more offshore areas to drilling.  That will help in the long run.


He did open it and Florida said no thanks, due to their beach tourism economy.
« Last Edit: April 20, 2018, 05:35:00 pm by edpc »
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Offline thackney

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Re: Trump blasts OPEC, says cartel is keeping oil prices 'artificially very high' and that 'will not
« Reply #7 on: April 20, 2018, 05:35:09 pm »
Quote from: edpc on April 20, 2018, 05:34:21 pm

He did open it and Florida said no thanks.

He hasn't opened new areas yet, but put it in the planning stages.
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Offline catfish1957

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Re: Trump blasts OPEC, says cartel is keeping oil prices 'artificially very high' and that 'will not
« Reply #8 on: April 20, 2018, 05:37:53 pm »
Quote from: edpc on April 20, 2018, 05:11:27 pm
President Donald Trump blasted the oil-producing cartel OPEC on Twitter on Friday.

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Trump is such a dumbass.  Instead of idiotic Tweeting, why doesn't spend some priority time on pushing Trans Canada or Keystone Pipeline legislation.

Hint Hint Orange fool.....    Lessening demand on OPEC products basically cuts their nuts off.

p.s. to the < Nope >....   wasn't this a campaign promise?
« Last Edit: April 20, 2018, 06:04:00 pm by MOD4 »
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Offline catfish1957

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Re: Trump blasts OPEC, says cartel is keeping oil prices 'artificially very high' and that 'will not
« Reply #9 on: April 20, 2018, 05:39:45 pm »
Quote from: edpc on April 20, 2018, 05:29:49 pm

It doesn’t help when he suggests gas tax hikes between 25-50 cents per gallon for infrastructure funding.

That can't be.....Trump is a conservative.  /s   :silly:
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Offline edpc

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Re: Trump blasts OPEC, says cartel is keeping oil prices 'artificially very high' and that 'will not
« Reply #10 on: April 20, 2018, 05:41:54 pm »
Quote from: thackney on April 20, 2018, 05:35:09 pm
He hasn't opened new areas yet, but put it in the planning stages.

Yes - I stand corrected on the plan being implemented.  However, only one Governor, LePage of Maine, is in favor of it.

https://www.washingtonexaminer.com/coastal-governors-oppose-trumps-offshore-drilling-plan/article/2645024
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Offline driftdiver

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Re: Trump blasts OPEC, says cartel is keeping oil prices 'artificially very high' and that 'will not
« Reply #11 on: April 20, 2018, 05:56:22 pm »
Quote from: catfish1957 on April 20, 2018, 05:37:53 pm
Trump is such a dumbass.  Instead of idiotic Tweeting, why doesn't spend some priority time on pushing Trans Canada or Keystone Pipeline legislation.

Hint Hint Orange fool.....    Lessening demand on OPEC products basically cuts their nuts off.

p.s. to the < Nope >....   wasn't this a campaign promise?

His tweets help build public support.  Something which is desperately needed to force Congress to push through pipeline legislation.
« Last Edit: April 20, 2018, 06:04:20 pm by MOD4 »
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Offline XenaLee

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Re: Trump blasts OPEC, says cartel is keeping oil prices 'artificially very high' and that 'will not
« Reply #12 on: April 20, 2018, 05:58:52 pm »
Quote from: driftdiver on April 20, 2018, 05:56:22 pm
His tweets help build public support.  Something which is desperately needed to force Congress to push through pipeline legislation.

I would think the rising price in gas (over $2.50/gal already) would take care of that.  Guess not.
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Offline Applewood

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Re: Trump blasts OPEC, says cartel is keeping oil prices 'artificially very high' and that 'will not
« Reply #13 on: April 20, 2018, 06:06:15 pm »
Quote from: driftdiver on April 20, 2018, 05:56:22 pm
His tweets help build public support.  Something which is desperately needed to force Congress to push through pipeline legislation.

No.  All his tweets do is entertain his fans.  For everyone else, they are an annoyance at best and harmful to their retirement nest eggs at worst.  Except for his fans, who equate every one of his pronouncements as coming from God on high, 'most everyone else wants him to shut up and work toward keeping the promises he made during the campaign. 
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Offline Emjay

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Re: Trump blasts OPEC, says cartel is keeping oil prices 'artificially very high' and that 'will not
« Reply #14 on: April 20, 2018, 06:27:44 pm »
Quote from: thackney on April 20, 2018, 05:31:30 pm
He has talked of opening more offshore areas to drilling.  That will help in the long run.

I've never quite understood why that offshore drilling was banned.  They blamed it on one oil spill but ... duh.
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Offline Emjay

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Re: Trump blasts OPEC, says cartel is keeping oil prices 'artificially very high' and that 'will not
« Reply #15 on: April 20, 2018, 06:30:52 pm »
Quote from: Applewood on April 20, 2018, 06:06:15 pm
No.  All his tweets do is entertain his fans.  For everyone else, they are an annoyance at best and harmful to their retirement nest eggs at worst.  Except for his fans, who equate every one of his pronouncements as coming from God on high, 'most everyone else wants him to shut up and work toward keeping the promises he made during the campaign.

I'm not sure I would call myself a Trump 'fan' but at least you didn't say 'worshipper.' 

As a person who supports Trump every time I possibly can, I wish he wouldn't tweet.  But, ya know, wishes ain't horses.

I think Trump is working toward keeping his campaign promises ... it's just a lot harder than he thought it would be because of a spineless congress and too many leftover Obama judges.
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Offline thackney

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Re: Trump blasts OPEC, says cartel is keeping oil prices 'artificially very high' and that 'will not
« Reply #16 on: April 20, 2018, 06:36:09 pm »
Quote from: Emjay on April 20, 2018, 06:27:44 pm
I've never quite understood why that offshore drilling was banned.  They blamed it on one oil spill but ... duh.

When you say "that offshore", do you mean Florida?  Or some other areas?
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Offline Emjay

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Re: Trump blasts OPEC, says cartel is keeping oil prices 'artificially very high' and that 'will not
« Reply #17 on: April 20, 2018, 06:51:00 pm »
Quote from: thackney on April 20, 2018, 06:36:09 pm
When you say "that offshore", do you mean Florida?  Or some other areas?

I was thinking of Texas, actually.  But there are a lot of places that should be open to drilling and aren't...like the frozen tundra of Alaska where some idiots are convinced it would kill the moose population.
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Offline thackney

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Re: Trump blasts OPEC, says cartel is keeping oil prices 'artificially very high' and that 'will not
« Reply #18 on: April 20, 2018, 07:10:52 pm »
Quote from: Emjay on April 20, 2018, 06:51:00 pm
I was thinking of Texas, actually.  But there are a lot of places that should be open to drilling and aren't...like the frozen tundra of Alaska where some idiots are convinced it would kill the moose population.

Texas Offshore remains open to drilling.

And it was the Caribou they claimed it would hurt.  It hasn't.  The population in the area of the drilling has grown a lot.  I spent 4 years up there.
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Offline Emjay

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Re: Trump blasts OPEC, says cartel is keeping oil prices 'artificially very high' and that 'will not
« Reply #19 on: April 20, 2018, 08:15:10 pm »
Quote from: thackney on April 20, 2018, 07:10:52 pm
Texas Offshore remains open to drilling.

And it was the Caribou they claimed it would hurt.  It hasn't.  The population in the area of the drilling has grown a lot.  I spent 4 years up there.

Wow.  I am too dumb to be allowed to post.  But I remember Rush saying how much the Caribou loved the oil rigs.
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Offline ABX

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Re: Trump blasts OPEC, says cartel is keeping oil prices 'artificially very high' and that 'will not
« Reply #20 on: April 20, 2018, 08:40:30 pm »
Scratching my head about this one.. the problem hasn't been they were keeping it artificially high, but the complaint was they were keeping it artificially low. OPEC was crashing the prices making it not cost effective to drill domestically, and pushing down US businesses.

Right now, even with the recent bump in prices, it is still too low to really fire up all production like we had 3-4 years ago.
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Offline edpc

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Re: Trump blasts OPEC, says cartel is keeping oil prices 'artificially very high' and that 'will not
« Reply #21 on: April 20, 2018, 09:06:03 pm »
Quote from: AbaraXas on April 20, 2018, 08:40:30 pm
Scratching my head about this one...the problem hasn't been they were keeping it artificially high, but the complaint was they were keeping it artificially low.


Besides, at the time the Saudis agreed to increase production, the economy was still sluggish and demand was lower.  Now that more people are working and demand for energy is higher, the increase is a natural occurrence.
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Offline ABX

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Re: Trump blasts OPEC, says cartel is keeping oil prices 'artificially very high' and that 'will not
« Reply #22 on: April 20, 2018, 09:56:50 pm »
Quote from: Once-Ler on April 20, 2018, 05:26:30 pm
I like cheap gas.  I hope Trump can do something about it.  I don't know how he can.

Maybe he could implement price caps or freezes?  He could create something that uses a 'basic' or 'yardstick' year and all production and prices must be frozen against that unless approved by a select committee. That way, the prices are frozen at a low point and the production is also frozen so it doesn't screw up supply and demand?
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Offline IsailedawayfromFR

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Re: Trump blasts OPEC, says cartel is keeping oil prices 'artificially very high' and that 'will not
« Reply #23 on: April 21, 2018, 04:11:55 am »
Quote from: Emjay on April 20, 2018, 08:15:10 pm
Wow.  I am too dumb to be allowed to post.  But I remember Rush saying how much the Caribou loved the oil rigs.
What they really love is the heated TransAlaska Pipeline that keeps them warm enough to encourage wanton reproduction.
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Offline Emjay

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Re: Trump blasts OPEC, says cartel is keeping oil prices 'artificially very high' and that 'will not
« Reply #24 on: April 21, 2018, 04:54:30 am »
Quote from: IsailedawayfromFR on April 21, 2018, 04:11:55 am
What they really love is the heated TransAlaska Pipeline that keeps them warm enough to encourage wanton reproduction.

Wanton reproduction.  Well, that's why the whales come to Maui in the spring.
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