What Trump's Tweet About Saudi Arabia Means For U.S. Oil Prices
If you drive, you know the prices at the pump are as high as our summer temperatures.
So when President Donald Trump tweeted that he’d spoken with Saudi Arabia’s King Salman, asking him to raise their oil production by two million barrels per day, and that they’d agreed — it raised some eyebrows.
Just spoke to King Salman of Saudi Arabia and explained to him that, because of the turmoil & disfunction in Iran and Venezuela, I am asking that Saudi Arabia increase oil production, maybe up to 2,000,000 barrels, to make up the difference...Prices to high! He has agreed!— Donald J. Trump (@realDonaldTrump) June 30, 2018
After all, it’s a supply and demand issue. If there’s more oil out in the market, prices will go down — possibly, those prices at your neighborhood pump.
For a little translation, The Show reached out to Ashley Petersen, the lead oil analyst at Stratas Advisors.