Trump claims US makes ‘a lot of money’ when oil prices go up, but rising costs could become political liability – key US politics stories from 12 March
Donald Trump on Thursday shrugged off the economic toll the war in Iran is taking on gas prices across the US, writing on social media that “when oil prices go up, we make a lot of money”.
The president’s comment came as the American Automobile Association reports that the average price for a gallon of gas hit $3.60, a week after the beginning of the US-Israel military operation against Iran prompted the largest price spike since the opening days of Russia’s invasion of Ukraine in 2022.
Costs at the pump have increased in line with the price of crude, which climbed above $100 per barrel on Thursday as Iran launched attacks on oil facilities across the Middle East, despite the release of global petroleum reserves intended to stabilize markets.
“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,” the president wrote on Truth Social.
