President Trump shot down a White House reporter on Tuesday for asking a question about oil prices without knowing the current price of oil.
“Can I check in on oil again today?” a White House reporter said before Trump interrupted and asked what the price of oil is at the moment.
“Where is it today? What is the price? Give me the price,” the president said.
“I am not sure, to be honest,” the reporter replied.
“How can you ask a question when you don’t know the price?” Trump asked, to which the reporter said he would look it up. The president dismissed the question and moved on to another reporter.
“Let me just go to somebody else,” Trump said.
.@realDonaldTrump: Oil? Where is it today?
Reporter: Well…I was wondering if…
Trump: No, no, where is the price? Give me the price.
Reporter: I’m not sure, to be honest.
Trump: How can you ask the question if you don’t know the price? pic.twitter.com/O7cgJ5inWh
— Washington Examiner (@dcexaminer) April 7, 2020
The price of oil continued to drop Tuesday largely because of oversupply.
“The market is indicating that it wants some more certainty on whether the Russians and Saudis will strike a deal to limit supply,” Gene McGillian, vice president of market research at Tradition Energy, told CNBC.
“You’re also seeing pressure coming in from the fact that the market is expecting another week of sizable inventory gains here in the U.S.”
Worldwide oil demand has gone down by as much as 30% this year as a result of Saudi Arabia and Russia flooding the markets with extra supply.
The coronavirus has also played a role in the price decrease.
“Oil prices failed to keep pace, with growing (coronavirus) lockdown measures and reports that this could drive global demand down 20%, potentially pushing the world to run out of storage capacity,” Morgan Stanley analyst Devin McDermott said in late March.
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