SpreadsheetAg said:

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Tap the brakes on the new four-wheelers and bass-boats boys:

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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He's done a lot of good, but he doesn't know jack chit about the O&G industry. He needs to shut his trap and just do his job. Not sure he knows how many jobs are tied to the industry and how many have been lost.

Someone should really ban him from Twitter.

La Bamba said:

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Someone should really ban him from Twitter.

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Agreed. His skin is thinner than rice paper...

While i too would be interested in the details of any plan that would attempt to control these countries' attempts to control a global commodity what the hell is he talking about "record amounts of oil everywhere"? Global OECD inventories are down 6% from their record highs in 2016 and US inventories are down 23% from their peak...

Boat Shoes said:

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Ag2012 said:

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I don't think he's dumb enough to believe what he's saying about oil. I think he's pandering to his populist base. With his misguided concerns about trade deficits and "winning" trade wars, he should be hyping the US being on track to become the largest oil exporter in the world and breaking OPEC in the price war they started.

At the end of the day his own inflationary policies (protectionism + fiscal stimulus at the top of a bull market and full employment) are going to drive a spike in commodity prices. He's just positioning himself to claim he's on the side of his base and that it's the Other Guy's fault.

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I agree with this. He's trying to get out in front of summer driving season and all the complaining that will come with high prices.

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That's smart. When an R is in office they always get the blame for that.

The President is simply parroting the same point of view that damn near 100% of folks in 48 of the 50 states accept as fact. Other than Texas and Oklahoma ( perhaps include the 4 folks in Louisiana with an IQ over room temp and sober) virtually everyone hates the " biddness " and blames all of the worlds woe on us. You just spend some time in yankeeland and get an good edumacation on the massive ignorance and distain there is about what we do.
Trump is just playing to the accepted worldview he knows .

Aggiesincebirth said:

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Is he wrong? Has anything fundamentally changed in supply and demand for oil to go from mid 50's to 70? I really don't know but I would imagine he has information about chartered ships that we do not have.

I'm not defending his tweet because it does no good, but I am wondering the same thing. OPEC is pumping up this oil price to get that Aramco IPO out there. Will the continue to keep the cuts to keep the price high? They very may will or it could be to get the IPO out. Didn't OPEC just partner with Russia for the Aramco IPO? I am sure there is a lot of data out there and politics behind the scenes that we are not seeing that is leading to his frustration.

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He is absolutely wrong. I'm not sure what to tell you other than we're seeing significant draws in oil and refined products BEFORE summer driving season. Throw in the further deterioration of Venezuela's production and the potential collapse of the Iran nuclear deal - there needs to be a risk premium on oil supply.

Ships aren't the way to hide oil and manipulate the oil market. The way to do that is by restricting production (it's way cheaper than chartering ships since you aren't selling the oil right now anyways - especially if you look into the structure of the futures curve and the risks of storing crude in backwardation). Finally, anybody with a Bloomberg terminal has access to where all the supertankers in the world are. Turns out, you can't just hide supertankers with market moving quantities of oil from everybody but the president. Furthermore, even if you could, it could only briefly impact the price of oil at all, because the price is dictated by flows of oil; taking a volume of crude off the market doesn't effect the market really (which is all you could do with supertankers)... Taking daily production off the market does, because the cumulative ffect is SIGNIFICANTLY larger than chartering ships. Oil inventories are far away from record highs. Seriously, did he get his last information on oil inventories in 2016?

This tweet shows the president fundamentally does not understand the oil market? Is that really that shocking given his juvenile view on world trade? (for instance, trade is not a zero-sum game and trade deficits aren't really a bad thing - it basically forces these foreign entities to invest in America and buy government bonds)

Bismarck said:

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Keep in mind that he knows very little about the oil industry. Just listen to the video linked in this article where he describes pipes the size of the room he's in being manufactured in China and shipped here.

https://www.google.com/amp/s/www.cnbc.com/amp/2017/01/30/pipelines-trump-gives-wrong-explanation-of-how-theyre-built-shipped.html

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Pipes bigger than this room.
They cut them 1/2 to ship them, which hurts the pipe.

If he makes it to the next Presidential election without being impeached, his opposition should just make a video of these things he pulls out of ass.

TxAg20 said:

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Bismarck said:

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Keep in mind that he knows very little about the oil industry. Just listen to the video linked in this article where he describes pipes the size of the room he's in being manufactured in China and shipped here.

https://www.google.com/amp/s/www.cnbc.com/amp/2017/01/30/pipelines-trump-gives-wrong-explanation-of-how-theyre-built-shipped.html

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Pipes bigger than this room.
They cut them 1/2 to ship them, which hurts the pipe.

If he makes it to the next Presidential election without being impeached, his opposition should just make a video of these things he pulls out of ass.

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And the sheeple will eat those videos up thinking those are the things that really matter (see recent comments on this thread as an example) and not the fact that Trump's actually the fuggin best president we've had in ages.