Real estate mogul Donald Trump says there is way too much oil in the world to justify the current high market prices.
"Frankly, I hear there are tankers all over the world that are loaded up to the gills with oil," he told CNBC.
"They have so much oil they don't know what to do with it. It's ridiculous what's going on with OPEC and all of that."
Trump blames major oil producing countries for the current recession and accuses large oil companies of "doing a major number" on everyone.
Trump lauds the recent dips in the price of oil, and he predicts that oil prices should drop a lot more. The overabundance of oil and the increasingly high prices are affecting the economy, he says
According to Trump, the price of oil should be no more than $50 or $60 or perhaps even lower.
The price recently dropped to below $121, the lowest it's been since May. The record was over $147.
"Oil is what is killing the world's economy," he says.
"There's a vast oversupply in the world. It's all over the place, and they don't know what to do with it."
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