Trump brags about high oil prices, claims 'we make a lot of money' when it becomes expensive

WASHINGTON, D.C.: Donald Trump has claimed that high oil prices are a good sign because they help “make a lot of money.” The president shared the statement as concerns about the impact of the US attack on Iran continue to grow.

Trump, however, has tried to paint a positive picture despite millions of Americans facing issues due to the spike in oil and gasoline prices. He also defended his actions against Tehran.

Trump insists on countinuing to attack Iran

Posting on Truth Social on Thursday, March 12, he wrote, “The United States is the largest Oil Producer in the World, by far, so when oil prices go up, we make a lot of money. BUT, of far greater interest and importance to me, as President, is stopping an evil Empire, Iran, from having Nuclear Weapons, and destroying the Middle East and, indeed, the World.”

“I won’t ever let that happen! Thank you for your attention to this matter. President DONALD J. TRUMP,” he added.

According to the investment bank Goldman Sachs, higher oil prices would lead to higher inflation, resulting in slower growth and an increase in the unemployment rate.

Closing Strait of Hormuz sends oil prices soaring

Since the beginning of the Iran war, benchmark oil prices have fluctuated sharply, with Brent crude oil trading about 4.7 per cent higher at around $98 per barrel. At one point, the price even reached $100 per barrel.

Analysts at the Oxford Economics said, “The swings in Brent crude oil prices over the past several days are eye-catching and odds are volatility will remain because of the absence of a timeline for when the conflict will deescalate and when the Strait of Hormuz, which is effectively closed, will see traffic begin to recover.”

US not ready to 'escort oil tankers through the Strait of Hormuz'

Also, on Wednesday, Trump claimed that the Strait of Hormuz, through which nearly a fifth of the world’s oil supply flows, is “in great shape.” “We’ve knocked out all of their boats. They have some missiles, but not very many. I think we’re in very good…we’re in very good shape,” he stated.

However, Trump's Energy Secretary, Chris Wright, gave a different account. Speaking with CNBC, he could not provide an exact timeline for when the American navy can escort oil tankers through the Strait of Hormuz.

“It’ll happen relatively soon, but it can’t happen now. We’re simply not ready. All of our military assets right now are focused on destroying Iran’s offensive capabilities and the manufacturing industry that supplies their offensive capabilities,” Wright added.