I don't really know enough about oil markets to have a good assessment of this and would like to hear from some that know more about it. I found Donald Trump's comments interesting, and relevant as a response to the OP, but again, I'm not the best person to evaluate the merits of either position.
"Mr. Trump answered “OPEC (Organization of the Petroleum Exporting Countries) is raising oil prices and absolutely draining and sucking the blood out of the country. There’s no reason for $70 oil.”
"He explained “They like to blame it on speculators. Speculators are peanuts compared to the power that OPEC has.” "
"Mr. Trump was clear about the danger this nation currently faces. “OPEC has to be destroyed in an economic sense...It really is an illegal situation…I know people involved with OPEC. They laugh at the stupidity of our country. They laugh at the stupidity of our politicians.” "
"Mr. Trump had this to say “We’ve been taken for years and nobody does anything about it, and you know why, because they’ve hired every lobbyist in Washington. You don’t even hear this other than from me and a couple of people…then I watch one of the oil ministers the other day say, and laughing to himself, ‘Oh yes, it’s the speculators.’”
Donald Trump: OPEC is ‘Sucking the blood out of the country’
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