Trump still doesn't like the price of oil, even as it falls

By Tina Davis on 10/10/2018

NEW YORK (Bloomberg) -- This time it wasn’t a tweet. President Donald J. Trump is again saying oil prices are too high, even after West Texas Intermediate crude dropped from a four-year high last week.

“I want more energy, because I don’t like $74,” Trump told reporters on the White House lawn Tuesday before heading to Iowa for a rally. Trump directed the Environmental Protection Agency to lift summertime fueling restrictions on gasoline containing up to 15% ethanol, delivering a victory to corn farmers and drawing protests from oil producers.

The president later told reporters on Air Force One that he was going to expedite approvals for pipelines in Texas, where bottlenecks have caused some forecasters to slow their predicted growth rates for oil output from the booming Permian basin.

U.S. benchmark prices rose to $76.41/bbl on Oct. 3, the highest settlement since 2014, driven in part by market fears about the U.S. reimposing sanctions on Iran next month. Russian President Vladimir Putin last week suggested Trump should “look in the mirror” for who to blame for high oil prices. Saudi Arabian Crown Prince Mohammed Bin Salman told Bloomberg News last week that the Saudis and other OPEC members have replaced the lost supply from Iran.

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