President Trump recently took credit for the plunge in oil prices since early October. As I noted in a recent article , it’s true that the President’s actions have contributed to the drop in oil prices, but at a cost that has been largely ignored. This week the President decided to share the credit for lower oil prices on Twitter : (Click to enlarge) President Trump thanks Saudi Arabia for low oil prices. How President Trump Affected Oil Prices Let’s review. The trade war with China resulted in China halting imports of U.S. oil. Prior to that, U.S. oil producers had been shipping half a million barrels a day to China. This loss of market hurt U.S. oil producers, and helped push inventories higher in the U.S. This further hurt U.S. oil producers by pushing prices down. Second, leading up to the implementation of sanctions on Iran that would […]