President Donald Trump tried to argue that the surging cost of oil due to his war in Iran was actually a good thing, while Americans see skyrocketing prices at the pump.
The president took to Truth Social on Thursday with the bonkers claim after prices surged again as Iran warned oil could reach $200 a barrel.
“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,” Trump declared. “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!”
Oil prices kicked back up to $100 a barrel early Thursday amid reports of attacks on shipping in the Persian Gulf.
The president had previously argued that oil prices would drop rapidly with the destruction of Iran and that the surge would be short-lived, but as investors panic and even some GOP lawmakers start to sound the alarms, the president instead made the case that higher prices were good.
The Trump administration plans to release 172 million barrels of oil from its Strategic Petroleum Reserves starting next week, the Energy Department announced Wednesday night. But the release is not a replacement for oil from tankers using the Strait of Hormuz, where Trump’s conflict has brought shipping to a standstill.
The average price of gas was $3.60 per gallon on Thursday, according to GasBuddy.com. The average price for diesel hit $4.86 per gallon.
“Americans today will spend roughly $250 million more on gasoline than they did 30 days ago,” noted GasBuddy’s Patrick De Haan.
Three more ships were struck in attacks off the coast of Iraq and the United Arab Emirates overnight, authorities said.
Iraq’s oil minister said export operations in the south of the country had stopped and that the country was looking for alternatives to export crude oil.
While Iran has warned oil could hit $200 a barrel, Energy Secretary Christ Wright would not rule it out in an interview with CNN.
“We’re going through short-term energy disruption for just huge long-term gain,” Wright said.
“Could short-term mean $200 a barrel?” host Kate Bolduan asked.
“Um, I would say unlikely, but we are focused on the military operation and solving a problem,” the secretary said.
On Monday, Trump urged oil tanker crews to “show some guts” when it came to shipping through the crucial Middle East waterway.
He also insisted this week that the U.S. Navy would escort ships through if needed when the time comes and even suggested late Wednesday that Iran had “no systems of control” and the U.S. would be “looking very strongly at the Straits.”
“The Straits are in great shape,” Trump declared as he arrived back at Joint Base Andrews from attending a rally in Kentucky.
However, in an interview on CNBC, Wright said the navy was not already escorting tankers through the Strait of Hormuz, as Trump had suggested would happen on Thursday, because the U.S. wasn’t ready.
“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 said.
