CNBC host Jim Cramer on Thursday floated a conspiracy theory that Saudi Arabia is secretly lowering the price of oil to “appease” President Donald Trump.
During CNBC’s Squawk on the Street program, one CNBC host noted that oil had slipped under $70/barrel even though analysts had been predicting it to be $100 or more.
“There is a subtext that’s going on that people are talking about,” Cramer said, “which is the murder of the Washington Post journalist [Jamal Khashoggi]. And the way to appease the president, which I think may be not what he’s thinking about, but is for the Saudis to flood the world with oil.”
“A lot of people don’t think they have [the ability], but they absolutely have it,” he continued. “They haven’t even thought about fracking yet. Can you imagine when they start fracking over there?”
Cramer added: “It is absolutely possible that they are driving the price down in order to be able to appease the president, who has repeatedly for the last two decades said that OPEC is too powerful.”
The CNBC host called the move “political.”
“I’m not saying that this is a vast conspiracy theory,” Cramer insisted. “I’m saying that no one else can figure out where the supply is coming from. We just can’t figure out why the supply is suddenly available. And it’s not like someone just discovered a big field.”
Watch the video below from CNBC.