The largest oil producer in the world is the United States. The U.S. does not import the majority of its oil from Saudi Arabia. In fact, it’s a small percentage when compared to Canada.
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.
— CBC News Alerts (@CBCAlerts) November 21, 2018
The Trump tweet that’s attracting attention this morning is filled with falsehoods as the President looks to justify his relationship with the Saudis.
SO MANY LIES…
1. The last time WTI Crude Oil was above $80 a barrel was in October of 2014.
2. WTI Crude was $47.51 a barrel on June 1st 2017.
That means it has increased over the past 18 months.
3. You're thanking Saudi Arabia WTF??? pic.twitter.com/nQmeRaBRyl
— Ryan Hill (@RyanHillMI) November 21, 2018
From The Washington Post:
“He’s a piece of work,” said Nancy Tengler, chief investment officer at Heartland Financial. “It’s all supply, that is the issue. The U.S. is producing 11.5 million barrels a day. We are largest producer in the world. There’s just more supply than demand currently. If Saudi Arabia keeps pumping and exemptions to Iran stay in place, prices are going to stay low.”
So a day after Donald Trump said he was standing with the Saudis over a murder they did do, he’s now chosen to thank them for something they didn’t.