President Donald Trump pivoted on concerns over rising oil prices, saying that it was poised to make the United States “a lot of money.”
In a post on Truth Social, Trump suggested for the first time that rising oil prices were actually a good thing, as the U.S. is the world’s leading producer of oil.
“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,” he wrote.
However, Trump said that oil prices were of much less concern than stopping Iran from obtaining nuclear weapons and wreaking havoc in the Middle East.
“BUT, of far greater interest and importance to me, as President, is stoping (sic) an evil Empire, Iran, from having Nuclear Weapons, and destroying the Middle East and, indeed, the World. I won’t ever let that happen!” he added.
Trump’s statement could indicate that the U.S. expects oil prices to continue rising and is preparing the electorate for the possibility ahead of the November midterm elections. One-quarter of the world’s oil passes through the Strait of Hormuz, and transit through the sea lane has drawn to a halt after Iranian drone strikes against several ships over the past few days.
THREE CARGO SHIPS DAMAGED BY PROJECTILES IN STRAIT OF HORMUZ
The halt comes despite Trump’s claim that the strait had reopened. However, two Iraqi tankers were hit overnight, with one crew member reportedly being killed. Iraq has said they’ve closed its oil ports as a result.
With affordability consistently ranking as the top issue for voters, rising oil prices could have a massive effect on Republican fortunes in the midterm elections.
As of Thursday morning, Brent crude oil prices were hovering around $100 per barrel.
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