Somebody needs to tell Trump that 40% of U.S. oil imports come from Canada and 11% from Saudi Arabia. Oh yeah, and that he has no idea what he’s talking about.
Donald Trump has just tweeted a thank you to Saudi Arabia for current low oil prices, which he likens to 'a big Tax Cut for America and the World!' In fact, Canada is the US's biggest supplier of imported oil at 40%, compared to only 11% from Saudi Arabia.
So great that oil prices are falling (thank you President T). Add that, which is like a big Tax Cut, to our other good Economic news. Inflation down (are you listening Fed)!
Another sugar high from Mar-a-Lago chocolate cake, Trump’s spent too much time being schmoozed by his fellow club members. The reality comes from the CBC among others who show that in reality unleaded gas prices have been rising since the beginning of the Trump regime.
Also, Canadians didn't attack America on 9/11, nor did they murder a US resident in their embassy, cut him up into pieces, and then lied to you and the American people about the murder.
Oil prices getting lower. Great! Like a big Tax Cut for America and the World. Enjoy! $54, was just $82. Thank you to Saudi Arabia, but letâÂÂs go lower!
You do know that Canada (that country above us that you keep attacking) supplies 40% of US oil?
I guess their thank you note got lost in the mail.
PM Justin Trudeau of Canada acted so meek and mild during our @G7 meetings only to give a news conference after I left saying that, âÂÂUS Tariffs were kind of insultingâ and he âÂÂwill not be pushed around.â Very dishonest & weak. Our Tariffs are in response to his of 270% on dairy!
â Donald J. Trump (@realDonaldTrump) June 9, 2018
Some important context:
1. WTI Crude is still higher now than it was during the first year of his administration.
WTI Crude was ~$47.51 a barrel in June 2017. It’s now $50.42.
50.42 > 47.51
A decrease in demand for oil in combination with the plummeting of the stock market could be a sign of slowed global economic growth.
Since the United States produces so much of its own oil now, lower prices are a double-edged sword as they put a ⬇️ on domestic producers profits
You should have one of your aides read this to you!
This is the opposite of what they should do.
Overheating the economy by maintaining artificially low-interest rates is a TERRIBLE IDEA that can exacerbate inflation!
This why most COMPETENT administrations go out of their way NOT to politicize the Fed!
The reality will be worse when the next economic crisis hits:
