(The Hill) – President Trump argued the U.S. benefits when oil prices go up on Thursday amid growing concerns over the impact of Washington’s operation in Iran on energy costs.
“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 said in a post on Truth Social.
“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!” he continued.
Brent crude oil, the international benchmark, was trading about 4.7 percent higher at about $98 per barrel as of 8 a.m. EDT Thursday morning, a day after topping $100 for a second time since the military operation began 12 days ago.
On Wednesday evening, Trump told reporters the Strait of Hormuz — the narrow channel between the Persian Gulf and the Gulf of Oman, where about a fifth of the world’s oil supply flows through — was in good shape despite being closed since the conflict’s beginning earlier this month.
“The straits are in great shape,” Trump said. “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.”
Public opinion polling also shows growing concern about prices among Americans. A Reuters/Ipsos survey released Monday found 67 percent of respondents said they anticipate gas prices to rise over the next year, while only 11 percent said they would improve and 12 percent said they would stay the same.
Energy Secretary Chris Wright acknowledged in an interview with CNN on Thursday that Americans would likely feel “short-term pain” from energy costs.
“We are defanging Iran’s abilities to threaten American troops in the area, its allies, its neighbors and global energy markets. So yes, you’ve got to go through short term pain to solve a long-term problem,” Wright told the network.
