The oil market has caught President Trump in an awkward spot between his pro-business instincts and his populist tendencies.
Trump, a major friend to the fossil fuels industry, took OPEC to task on Friday for the recent surge in oil prices. The price has climbed toward $70 in recent weeks, the highest in more than three years.
“Looks like OPEC is at it again,” Trump tweeted. “Oil prices are artificially Very High! No good and will not be accepted!”
Trump is right that OPEC, the Saudi-led cartel, has orchestrated higher prices, as it’s known to do. And millions of American voters will probably share the president’s outrage if gasoline prices soar as a result.
Yet millions of Trump voters also live in states such as Texas, Oklahoma and North Dakota that depend on the oil industry for prosperity. The 2014-2016 oil price crash cost countless jobs and led to dozens of corporate bankruptcies.
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