Washington’s evil sanctions on Iran causes the oil prices to spike, but the US president blames OPEC for the result, so Trump can put the squeeze on Arab countries to pay and contribute for US military protection.
Trump’s comments at the UN General Assembly come as oil hit a four-year high of $82 per barrel on Tuesday. Earlier, he repeatedly accused OPEC of “pushing for higher” crude prices despite the military protection provided by the USA.
The US president is against high oil prices, since they result in higher gasoline prices in America. Trump said that OPEC members were “as usual ripping off the rest of the world, like hypocrisy is their diplomacy?
OPEC, Russia and other producers refused to raise oil output last weekend despite Trump’s demands. Oil supply has been falling as countries are reducing purchases from Iran, whose oil sector will be sanctioned by the USA from November 4.
The International Energy Agency predicts strong oil-demand growth of 1.4 million barrels per day (bpd) this year and 1.5 million bpd in 2019. Rising demand and plunging supply have resulted in a spike in oil prices.
The average cost of gasoline in the USA has risen 60% from $1.87 per gallon in February 2016 to over $3 in September. With US midterm congressional elections in 2018 coming up, high gasoline prices could hurt the Republican Party in swing states.
RT.com / ABC Flash Point News 2018.