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Donald Trump: OPEC is "doing little to help" with gas prices
06 July 2018, 03:25 | Austin Hogan
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His latest was a reminder that the USA defends manyOPEC members for "very little" money.
"This must be a two way street", he wrote, adding in block capitals, "REDUCE PRICING NOW!"
"You are hammering on good guys in OPEC", Kazempour said.
"Your tweets have increased the prices by at least $10 (per barrell)".
Foreign ministers from the five remaining signatories of a nuclear deal between Tehran and world powers will meet Iranian officials in the Austrian capital to discuss how to keep the accord alive after the US withdrawal from the pact. It has made similar threats in the past, prior to the 2015 nuclear deal.
"OPEC has not defined oil prices for the past 30 years", Kazempour said.
The OPEC Monopoly must remember that gas prices are up & they are doing little to help. Together they regulate the supply of oil that reaches the market from them to manipulate its price.
"With those continued drawdowns at Cushing, we were approaching a situation where you could soon start to consider us nearing a shortage", Kilduff said.
Summer driving is having its typical effect on gas demand, which in turns increases the price at the pump.
Gasoline prices averaged $2.87 a gallon nationwide, up 28 percent from a year ago, according to AAA.
Matthew Smith, the director of commodity research at ClipperData, told UPI that oil prices so far this week are moving on one hand on OPEC pledges of more production, but correcting later on fears of supply-side strains.
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High prices hurt motorists and oil consumers across the country.
The president's repeated criticism of OPEC reflects his awareness that higher prices are already hitting a key section of his own electoral coalition. Jimmy Carter struggled with high gas prices, which had doubled since the Iranian revolution.
"Mr. President, may I ask you, what are you talking about?"
The average cost of gasoline has risen nearly 60 percent from a cyclical low of $1.87 a gallon in February 2016 to $2.97 last month. He persuaded nations to curtail purchases of Iranian oil to pressure Iran to agree to limits on its nuclear program.
Oil prices edged up on Wednesday following a report of tightening U.S. fuel inventories amid an outage at Syncrude Canada oil sands facility in Alberta, which usually supplies the United States.
Trump administration officials have been visiting other nations to press them to halt oil purchases altogether. "If production increases as we now forecast, a large share of this would be eroded, leaving the global oil market with a limited "margin of safety", said Morgan Stanley's Rat.
There are a number of factors behind the recent price rise.
OPEC pledged to relax compliance with an agreement that helped balance an oversupplied market, but that might not be enough to address a looming deficit of around 2 million barrels per day.
While OPEC leader Saudi Arabia will pick up the slack, Morgan Stanley believes oil markets will be undersupplied by around 600,000 in the second half of 2018. "It's nearly an American tradition", Halff said.
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