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Unable to sway oil prices, Trump admin now missing clean energy potential

Saudi Energy Minister Khaled al-Faleh and Russian Energy Minister Alexander Novak attend a meeting of OPEC and non-OPEC members on April 20, 2018.
Saudi Energy Minister Khaled al-Faleh and Russian Energy Minister Alexander Novak attend a meeting of OPEC and non-OPEC members on April 20, 2018. Photo: Amer HIlabi/AFP via Getty Images

Market fears of snapback sanctions on Iranian oil exports have caused oil prices to rise, providing a stark reminder that the U.S. is still the world's largest oil consumer. In response to the trend, President Trump said that such prices "will not be accepted."

Why it Matters: In a global oil market dominated by OPEC and private U.S. shale producers, the Trump administration actually has little direct influence on prices and is largely at the mercy of market forces. Meanwhile, the administration has done little on clean energy, where policy could make a meaningful impact.