Commodities

Trump says OPEC 'doing little to help' rising gas prices

A fuel pump sits in the tank of a vehicle at a ConocoPhillips gas station in Fort Worth, Texas, U.S., on Monday, Oct. 24, 2016. , Bloomberg

The Associated Press

Jul 4, 2018

WASHINGTON -- President Donald Trump says OPEC is "doing little to help" rising gas prices and claims "if anything, they are driving prices higher."

Trump tweeted Wednesday:

The OPEC Monopoly must remember that gas prices are up & they are doing little to help. If anything, they are driving prices higher as the United States defends many of their members for very little $’s. This must be a two way street. REDUCE PRICING NOW!
— Donald J. Trump (@realDonaldTrump) July 4, 2018

Last month, members of the Organization of the Petroleum Exporting Countries cartel agreed to pump 1 million barrels more crude oil daily, a move that should help contain the recent rise in global energy prices. However, summer months in the U.S. usually lead to increased demand for oil, boosting the price of gasoline in a midterm election year.