President Donald Trump has called on the European nations to step up efforts at curbing the excesses of countries like Russia using any form of energy resources to clamp down on countries they see as enemies. He made this clarion call at the September 25th address to the United Nations on the heels of reported Polish effort to put gas transport pipelines along the Baltic.
“Reliance on a single foreign supplier can leave a nation vulnerable to extortion and intimidation. That is why we congratulate European states, such as Poland, for leading the construction of a Baltic pipeline so that nations are not dependent on Russia to meet their energy needs,” Trump was quoted to have said.
Sounding like a moralist he said: “Around the world, responsible nations must defend against threats to sovereignty not just from global governance, but also from other, new forms of coercion and domination,” Warning that as the world’s biggest energy producer, the US strongly believe in energy security for itself and its allies, and stands ready to export its abundant, affordable crude oil, clean coal, and natural gas.
Sources also reported Trump as criticizing the Organization of Petroleum Exporting Countries and its members for taking advantage over countries who depend on them for energy supplies, saying that OPEC is, “as usual, ripping off the rest of the world.”
Trump was quoted to have said, “We want them to stop raising prices, we want them to start lowering prices, and they must contribute substantially to military protection from now on. We are not going to put up with it—these horrible prices—much longer.” Insisting on Twitter that OPEC “must get prices down now!” as the global benchmark crude circles around US$80 per barrel.
As at early last week commodity futures had dropped as much as 1.1% in London, while New York-traded oil got a slight change, even as Trump’s reaction was consequent upon indications from Saudi Arabia that $80 per barrel was acceptable considering Iran’s trade isolation.