US EditionTrump: US benefits from high oil prices, but priority is stopping Iran
Trump said the US benefits financially from higher oil prices amid conflict with Iran but prioritizes preventing Iran's nuclear capability, as oil hits $100 a barrel, per officials.
- On Thursday, President Donald Trump claimed on Truth Social that the United States, as the world's largest oil producer, benefits financially when oil prices rise, dismissing growing public concerns about climbing gas costs.
- The U.S.-Israel war with Iran has effectively shuttered the Strait of Hormuz, halting most tanker transit and causing benchmark crude to surge above $100 a barrel for the first time since August 2022.
- Thirty-Two International Energy Agency member nations agreed to release 400 million barrels of oil from emergency reserves, while the U.S. authorized 172 million barrels from its Strategic Petroleum Reserve beginning next week.
- Senator Mark Kelly criticized the administration, writing that "the only ones benefiting from gas prices skyrocketing are the big oil companies," as higher costs threaten to worsen inflation and household affordability.
- Analysts warn volatility will persist without a clear de-escalation timeline, as Trump's team has struggled to provide a definitive strategy for securing tanker transit through the effectively closed waterway.
97 Articles
97 Articles
Oil and fertilizer prices are climbing. Your grocery bill may follow
Soaring oil prices won’t just cause you trouble at the tank. Energy is one of the most critical inputs for the food supply chain, which means the impacts of the war could show up on your grocery receipt. “There’s a very strong correlation between the movement of energy prices and the movement of food prices,” Dr. Ricky Volpe, an agricultural economist and professor of agribusiness at Cal Poly, told Fortune. “We’ve seen oil top $100 a gallon bef…
The White House's Oil-Restraint Toolbox Is Empty
Despite President Donald Trump’s blustering that America benefits when oil prices surge, crunch time is fast approaching for both the war and the energy market. He either ends the conflict quickly, or sky-high energy costs will force him to do so. The oil market may not have the same fearsome reputation as the bond market but, trust me, it can be equally savage in twisting a politician’s arm.
Day 1878: “We make a lot of money.”
Today in one sentence: Trump dismissed rising oil prices caused by the Iran war, saying “when oil prices go up, we make a lot of money,” as Brent crude settled above $100 a barrel and the major U.S. indexes fell about 1.5% or more; the White House is considering a 30-day waiver of a 1920 statute requiring goods shipped between U.S. ports to move on American-flagged vessels as the Trump administration tries to contain fuel prices driven up by the…
While most Americans are concerned about rising oil prices, Trump celebrates it as it benefits the country
U.S. President Donald Trump said Thursday that the rise in oil caused by the war in Washington and Israel against Iran and the interruption of the flow in the Strait of Ormuz will bring “a lot of money” to his country—in reference to national crude oil production—and insisted that its priority right now is to destroy the Iranian nuclear program. The U.S. “is by far the world’s largest oil producer, so when oil prices rise, we make a lot of money…
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