"Thank You Saudi Arabia" - Falling Oil Prices "A Big Tax Cut For Americans," POTUS* Says
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had to change it!
One day after President Trump once again laid bare his primary motive for giving Saudi Arabia a pass over the killing of Jamal Khashoggi (Trump told a group of reporters that oil prices would go "through the roof" should there be a rupture between the US and the Kingdom), the president once again left little room for subtlety by thanking the kingdom for helping to facilitate this month's record-setting slide in oil prices.
Hailing the drop in oil prices from multi-year highs as a "big tax cut" for Americans, the president said that while Americans should be thrilled with the drop, he would like to see prices move even lower. "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 let’s go lower!"
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 let’s go lower!
— Donald J. Trump (@realDonaldTrump) November 21, 2018
Trump's congratulations comes after Saudi Arabia reportedly raised production for a second straight month in November. If the Saudis had their druthers, they'd prefer oil prices above $80 a barrel. But we're not the only ones who have pointed out the explicit quid-pro-quo here:
A few weeks ago: Trump wanted lower oil prices heading into midterms, Saudis needed international political support after killing of Khashoggi.
Yesterday/today: Trump stands with Saudi Arabia despite Khashoggi killing, Trump thanks Saudi Arabia for lower oil prices.
— RANsquawk (@RANsquawk) November 21, 2018
Of course, not everybody is as excited about the rapid move lower in oil prices.
chart from yesterday oil drop
https://www.zerohedge.com/news/2018-11-21/thank-you-saudi-arabia-falling-oil-prices-big-tax-cut-americans-trump-says