The president spoke and oil prices dropped.
“OPEC and OPEC nations, are, as usual, ripping off the rest of the world, and I don’t like it,” President Donald Trump told the United Nations General Assembly on Sept. 25. “Nobody should like it. We defend many of these nations for nothing, and then they take advantage of us by giving us high oil prices. Not good.
“We want them to stop raising prices,” the president continued, “we want them to start lowering prices, and they must contribute substantially to military protection from now on. We are not going to put up with it—these horrible prices—much longer.”
The impact of the president’s words on crude oil’s price might be called questionable, though. Soon after his speech, West Texas Intermediate (WTI) closed for the day up 20 cents to $72.28 a barrel. The next day, WTI did, in fact, slip by 1% but that decrease coincided with release of the U.S. Energy Information Administration’s (EIA) report showing crude inventories increasing by 1.9 million barrels for the week ending Sept. 21.