— This particular will be the script of CNBC’s news report for China’s CCTV on July 5, 2018, Thursday.
Yes, nearly 40 million people who choose to drive on American Independence Day will find of which This particular year’s oil prices have risen sharply, in addition to the cost of their entire travel has exceeded of which of last year. The consumer’s feelings are often the most intuitive. The cost of oil on the US Independence Day This particular year will be the highest “Independence Day” oil cost in four years. from the United States, gasoline prices per gallon are about 63 cents higher than the same period last year, in addition to gasoline prices in many regions have exceeded $3 per gallon.
At the same time, if we calculate which has a four-day trip, according to data coming from oil analysis company GasBuddy, the soaring cost of oil may lead to an extra spend of more than $1 billion on gasoline in This particular year’s Independence Day . in addition to a lot of energy analysts also warned of which with the arrival of peak travel in July in addition to August, American consumers are also likely to face the oil cost ranging coming from 2.9 US dollars to 3.10 US dollars per gallon.
Historical data tells us of which the rise in oil prices will put political pressure on the White House. The Trump administration in addition to the Republican Party are facing the mid-term congressional elections in November This particular year. Therefore, the recent rise in oil in addition to gas prices has brought Washington a big challenge. Because the rise in oil in addition to gas prices will be equivalent to increasing spending for American consumers, in addition to of which will cost the tax reforms passed by the Trump administration last December, while pushing up inflation in addition to suppressing economic growth. in addition to This particular result will be obviously what the Trump administration does not want to see. Therefore, we have recently seen Trump frequently posting Twitter, attacking OPEC organizations in addition to demanding Saudi Arabia to enhance production.
On Wednesday, Trump re-issued Twitter, accusing OPEC of raising oil in addition to gas prices. He wrote of which OPEC monopolists must remember of which oil prices are rising in addition to they are standing by. the item can even be said of which while the United States defends many of its members with almost no compensation, they are pushing oil prices up. This particular must be equal between the two parties. Cut prices today!
Trump’s aggressive tone confirmed the political pressure of which oil prices brought to the White House to some extent. At the end of last month, Trump said on the earlier Twitter of which he had already called the Saudi king to enhance production by 2 million barrels. However, This particular practice has also been criticized by the outside world. For example, Beat Wittmann, a partner at financial consultancy Porta Advisors, said: You can’t ask for an increase of 2 million barrels a day, such as a coffee. At present, the Saudi cabinet has confirmed of which the item will be ready to use oil spare capacity when necessary, in addition to to cope with different oil-producing countries to respond to any alterations in supply in addition to demand from the future. However, the latest news coming from Saudi Arabia did not say any production figures, showing Saudi Arabia’s cautious attitude towards US pressure. The market did not react much to Trump’s Twitter overnight. In This particular morning’s trading, the US West Texas Light crude oil traded above $74 per barrel, while the Brent crude oil hovered around $78. We will keep an eye on This particular issue.