From the archives: Donald Trump told Cramer how he'd squeeze OPEC in 2008
The world changed on Election Day 2016, according to Jim Cramer, and this notion prompted him to go back into the archives of President-elect Donald Trump on "Mad Money," and he was stunned by what he found.
In 2008, Trump outlined to Cramer his opinion of OPEC, and how he would handle oil prices.
"Every time they lower interest rates the cartel, because I call it a cartel, the illegal monopoly, raises oil prices. So the monopoly, because that is all it is, it's a total illegal monopoly — if businesses ever formed OPEC, everybody would be put in jail — here they are, and every time a country hits oil, they are invited into the cartel. It's a disgrace," Trump said.
Trump noted that every time interest rates would go down, oil prices would go up in a methodical fashion. At the time, oil prices were teetering on $100 and were predicted to head higher.
"Nobody in this country calls and says get that goddamn oil price down. You get it down, and they can do it! In the old days our people, our presidents used to call. We don't call anymore," Trump said. "They ought to call, and they say you get that price down, and you get it down fast … if spoken to properly, those prices would come down like you wouldn't believe." Trump said.
Cramer said it was clear that when the President-elect takes over the reins in the White House, he will not be oblivious to the "pernicious" impact of OPEC. Trump is now in a position to do something about OPEC, Cramer said, because of the oil that has now been discovered in the U.S. and technology that has been developed since then.
"Nobody calls! Who is going to do it? Condoleezza Rice?" Trump said during the 2008 interview.
And now just eight years later, Trump is finally in a position to make that phone call.
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