‘Obama’s in bed with OPEC’ – Trump

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Moneynews

Trump: US Will ‘Never Be Great Again’ if Obama Allows $8 Gasoline

By: Dan Weil

Oil prices may jump to record highs in the next couple of months, all because of President Barack Obama’s policies, and that could send the U.S. economy back into the dark ages, says billionaire real-estate mogul and reality-TV star Donald Trump.

“Oil is going to a level that may be unprecedented. Gasoline is going to be $6 to $8 a gallon,” he told CNBC. “If oil continues to go up, it’s going to be very rough. This country can never recover, because oil is our lifeblood.”

Oil hit a 2½-year high above $112 a barrel Friday.

Trump, who’s considering a bid for the presidency next year, places the blame for higher oil prices on Obama. “He’s in bed with these people (OPEC),” Trump says. “He doesn’t speak the way you have to speak to them.”

The Organization of the Petroleum Exporting Countries, or OPEC, sets the price of oil, Trump says. “They’re having a field day. They don’t respect Obama, our leadership and our country. It’s going to be a very sad day for the U.S. if oil goes up any further. … This country can never be great again.”

Others are concerned about the surge in oil prices too. Soaring oil prices probably cut global economic growth by 0.5 to 1 percentage point in the first quarter, JPMorgan Chase economists wrote in a note to clients. And the continued increase is “on course” to have a similar impact this quarter, they say.

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