Posted on 07/30/2008 4:45:46 AM PDT by kellynla
Real estate mogul Donald Trump says there is way too much oil in the world to justify the current high market prices.
"Frankly, I hear there are tankers all over the world that are loaded up to the gills with oil," he told CNBC.
"They have so much oil they don't know what to do with it. It's ridiculous what's going on with OPEC and all of that."
Trump blames major oil producing countries for the current recession and accuses large oil companies of "doing a major number" on everyone.
Trump lauds the recent dips in the price of oil, and he predicts that oil prices should drop a lot more. The overabundance of oil and the increasingly high prices are affecting the economy, he says
According to Trump, the price of oil should be no more than $50 or $60 or perhaps even lower.
The price recently dropped to below $121, the lowest it's been since May. The record was over $147.
"Oil is what is killing the world's economy," he says.
"There's a vast oversupply in the world. It's all over the place, and they don't know what to do with it."
(Excerpt) Read more at moneynews.newsmax.com ...
ping
Well, at least this time, the Donald will have a good excuse for some of his operations filing for bankruptcy.
Demonstrating once again his amazing grasp of the perfectly obvious.
“trump: there’s too much oil.”
what a brilliant man.
I guess New Jersey Casino’s are crashing.
I would not be surprised to learn that the oil companies are the ones who lobbied congress to prevent oil drilling. This way the finger doesn't get pointed at the oil companies but at congress who can do the usual shell game of ponting fingers at everyone but themselves all the while raking in their cut of the profits.
Hey Donald, I suggest using some of your money to post a reward to anyone that can prove Soros is responsible for this...you have a hell of lot more money than any of us...I bet if you offered a 5M dollar reward to anyone that prove credibly that Soros was behind this — I bet you would have your answers is less than 30 days.
Can you say manipulation? There. I knew you could.
It would be terrible if these tankers leaked out all their contents.
I have a funny feeling that tankers loaded with oil are not the problem.
The Donald needs to be shown all those EIA charts you display for answers to get his mind right!
How absurd!!! Oil tankers offshore and off the records loaded to the gills with crude to drive prices us. All those billions alter a man's sanity, I guess?
So sayeth the hair piece!
It’s not OPEC that has all the ships loaded with oil and no place to go.
We have no new refineries. And the NIMBYS or is it NUMBYS are not about to allow new refineries to be built.
Further, this idea of different grades of oil for different sections of the country is part of the problem.
There is plenty of blame to go around.
Tankers loaded with oil that is not being unloaded? I’ll bet a lot of that is oil bought up by speculators, e.g., hedge funds. Tankers are one of the places to store their oil. However, if they try to tie up too much oil, the price of storage will bring the market crashing down at some point. Not to mention the higher prices dampening demand. Yes, there is plenty of oil if the price is high enough. However, the entire world energy market has become unbalanced with demand soaring past supply. This is a world wide problem. America just needs to get busy and supply more energy. Cutting ourselves out of the energy exporting business was insane.
Pure genius.
Gee, no blame of Bush? Trump has taken plenty of opportunities in the past to bash Bush for a lot of things. A couple of years ago he actually had the nerve to quote that long-ago debunked “study” on Bush’s IQ being lower than average! If Trump and his staff are so smart you’d think they would have been able to find out that report was a total hoax. So anything Trump says is suspect.
This drivel from a man that sells real estate in NY for 70 grand per sqft!!! Supply and demand, market forces,eh Donny?
a few bucks makes one a genius.
AI guy with his money should be able to afford one of the several tanker reports for agencies like Lloyds of London instead going with gossip.
http://www.lloydslist.com/ll/news/shippingMovements.htm;jsessionid=AC565DBF54635790D300D0A681448C2D
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