President Trump said Thursday that Middle East countries should help push oil prices lower for the U.S., because the U.S. helps to protect nations in that region of the world.
“We protect the countries of the Middle East, they would not be safe for very long without us, and yet they continue to push for higher and higher oil prices! We will remember,” Trump tweeted Thursday morning. “The OPEC monopoly must get prices down now!”
We protect the countries of the Middle East, they would not be safe for very long without us, and yet they continue to push for higher and higher oil prices! We will remember. The OPEC monopoly must get prices down now!
— Donald J. Trump (@realDonaldTrump) September 20, 2018
The Organization of Petroleum Exporting Countries is an intergovernmental organization that includes the 15 highest oil producing nations in the world. In June, OPEC nations agreed to scale back plans to cut oil production, a move aimed at tamping down price increases.
But U.S. oil stocks have fallen to lows not seen in a few years. Crude oil prices have increased steadily over the last 12 months, from about $50 a barrel to more than $70.
