Trump Raps OPEC For "Fixing Price" To Favor Harris

Former President Donald Trump accused the Organization of the Petroleum Exporting Countries (OPEC) of deliberately driving down oil prices to benefit Vice President Kamala Harris, warning that her potential presidency could be a “disaster” for the US, Kaustubh Bagalkote reported for Benzinga.

Trump’s comments come in the wake of a recent decline in oil stocks.

Trump took to his social media platform, Truth Social, to voice his concerns about OPEC’s actions.

He wrote, “OPEC nations are going all out to drive down oil prices in the hope that crazy Kamala Harris will win. Then they will really reap the rewards! She will be a disaster for the USA!”

Trump’s comments come in the wake of a recent decline in oil stocks, which occurred amid speculation that Harris might adopt a more stringent stance on the oil and gas industry if she were to become the Democratic presidential nominee and win the White House race.

If Harris wins, her administration might focus on climate policies, including reducing carbon emissions and increasing funding for renewable energy projects.

At the time of publication, oil stocks remain in the red after President Joe Biden opted out of the 2024 election race against Trump and endorsed Harris on July 21 as a top presidential nominee.

WTI Crude has dropped from $78.64 to $75.43 following Harris’s nomination for the presidential run, according to Benzinga Pro data.

Chevron, Marathon Oil, Exxon Mobil, ConocoPhillips, and EOG Resources are all experiencing declines. ETFs tied to the oil sector have also mirrored this downward trend, with US Oil Fund, SPDR Select Sector Fund – Energy Select, Vanguard Energy ETF, and iShares US Energy ETF all under pressure.