Last Updated Jul 5, 2018 9:02 AM EDT
President Donald Trump says OPEC is “doing little to help” rising gas prices and claims “if anything, they are driving prices higher.”
Mr. Trump tweeted Wednesday: “The OPEC Monopoly must remember that gas prices are up & they are doing little to help. If anything, they are driving prices higher as the United States defends many of their members for very little $’s. This must be a two way street. REDUCE PRICING NOW!”
Last month, members of the Organization of the Petroleum Exporting Countries cartel agreed to pump 1 million barrels more crude oil daily, a move that should help contain the recent rise in global energy prices. However, summer months in the U.S. usually lead to increased demand for oil, boosting the price of gasoline in a midterm election year.
Iran’s representative to OPEC says U.S. President Donald Trump should stop tweeting about wanting lower oil prices, saying that doing so has the opposite effect.
Hossein Kazempour Ardebili was quoted by the oil ministry’s website Thursday as telling Trump to “please stop,” adding that “with your frequent and indecent tweets oil prices have gone up 10 dollars.”
Tehran blames rising prices on U.S. sanctions imposed on Iran and Venezuela, founding members of the cartel. Last month, members of OPEC agreed to pump an additional 1 million barrels of crude daily, a move that should help contain prices.
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