President Trump Thanks Saudis for Keeping Crude Oil Prices Low
$OIL, $USO, $UNG, $UGA
US President Donald Trump sent out a Tweet thanking Saudi Arabia for lower worldwide Crude Oil prices Wednesday after receiving widespread criticism for his declaration that Saudi Crown Prince Mohammed bin Salman aka MbS would not be punished even if he did order a hit team to assassinate dissident Jamal Khashoggi.
“Oil prices getting lower. Great!” President Trump wrote. “Like a big Tax Cut for America and the World. Enjoy! $54, was just $82. Thank you to Saudi Arabia, but let’s go lower!”
Friday, NYMEX WTI Crude Oil finished trading at $50.42 bbl off 7.7% from Wednesday’s close.
The Tweet came after the President on Tuesday said the US will remain a staunch ally of Saudi Arabia and stressed the importance of financial considerations for American interests in making strategic alliances, telling reporters that “we’re not going to give up hundreds of billions of dollars in orders and let Russia, China and everybody else have them. It’s all about, for me, very simple, America First!”
Following the President’s statement, there was bi-partisan action to oppose President Trump, as the leaders of the Senate Foreign Relations Committee invoked a law that will force the President to say whether the crown prince is behind Mr. Khashoggi‘s assassination.
Some critics have pointed out the CIA’s reported conclusion that there is a high probability that the Crown Prince had ordered the assassination. President Trump said the CIA’s report did not infer that SbM was behind the deadly event.
And I remind you that the CIA told the world that Iraq had weapons of mass destruction, when the rogue nation did not.
President Trump was facing bi-partisan pandering pressure before his statement of support for the Saudi Kingdom to further punish it over Mr. Khashoggi’s death.
The White House recently sanctioned 17 Saudis accused of being responsible for the high profile dissident’s untimely death.
Have a terrific weekend.