President Donald Trump tweeted on Thursday the Organization of the Petroleum Exporting Countries needs to keep crude prices lower because of the military protection the U.S. provides for the region.
“The OPEC monopoly must get prices down now,” Trump said in the message.
We protect the countries of the Middle East, they would not be safe for very long without us, and yet they continue to push for higher and higher oil prices! We will remember. The OPEC monopoly must get prices down now!
— Donald J. Trump (@realDonaldTrump) September 20, 2018
Futures prices for WTI crude, the U.S. benchmark, dipped slightly following the tweet but remained 0.2 percent higher on the day. On Wednesday, WTI climbed back above $70 a barrel. The price of oil is now up 8 percent in the last month and 17 percent for 2018.