Are gasoline prices in the United States really too high?

Are gasoline prices in the United States really too high?”

U.S. West Texas Intermediate and global benchmark Brent crude oil futures are trading lower early Thursday and for the week after President Trump turned up the heat on OPEC to reduce prices for crude.

Oil futures were climbing on Thursday, with US crude hovering at its highest in about 3-1/2 years as supply disruptions continue to support the market.

"The OPEC Monopoly must remember that gas prices are up & they are doing little to help", Trump wrote on his personal Twitter account.

In addition to pressing Saudi Arabia to pump as much as 2mmb/d more to an unprecedented 12mmb/d, an amount many doubt the Saudi can maintain for an extended period of time - think Tesla making Model 3s - the Trump administration has also been pushing countries to cut all imports of Iranian oil from November when the USA re-imposes sanctions against Tehran, after Trump withdrew from a 2015 nuclear deal agreed between Iran and six major powers. His latest was a reminder that the United States defends many OPEC members for "very little" money.

Since April, President Trump had criticized OPEC twice for manipulating oil prices, calling the cartel out for oil prices that are "too high".

A Reuters survey estimated USA crude oil stockpiles fell for a fourth consecutive week, by about 3.3 million barrels, in the week ended June 29.

Brent crude futures LCOc1 were at $77.82 per barrel, up 6 cents from their last close. Traders were looking for a draw of about 3.267 million barrels.

Oil will soon cost $100 per barrel due to supply disruptions caused by U.S. President Donald Trump, Iran's OPEC Governor told Reuters on Thursday, as he warned expectations that Saudi Arabia and Russian Federation would help bring down prices were in vain.

The announcement comes several days after S President Donald Trump claimed that the monarchy has agreed to raising the oil output to take on Iran and Venezuela.

The OPEC Basket price per barrel of crude oil is about $74.

"Given the extension of the Opec agreement to end of 2018, we expect oil sector growth to be limited this year, especially given the UAE's increasing compliance with the production cuts, which averaged 124 per cent in the first three months of 2018", ICAEW said.

Trump's abandonment of the Iran nuclear deal may have consequences for oil prices.

The early reaction to Trump's tweet was normal.

In post-settlement trade, prices extended gains after the American Petroleum Institute said crude stockpiles had fallen more than expected last week. "We will make the enemy understand that either all can use the Strait of Hormuz or no one", Jafari was quoted as saying by Tasnim news agency.

Iran has threatened to block oil exports through a key Gulf waterway in retaliation against any hostile U.S. action.

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