Economy

Trump Brags About Raising Gas Prices

SK Ashby
Written by SK Ashby

Most presidential administrations aim to reduce the price of gas. Lowering the price of gas increases economic growth because it reduces the cost of business and the cost of traveling for consumers.

That's what every administration wants, right?

For his own reasons, that's not Trump's goal right now. In fact, he's very excited to announce that the price of gasoline is going up!

DUBAI/MOSCOW (Reuters) - U.S President Donald Trump said on Thursday he had brokered a deal with top oil producers Russia and Saudi Arabia to cut output and arrest an oil price rout amid a global coronavirus pandemic, sending crude prices up by 45%. [...]

“Just spoke to my friend MBS (the crown prince) of Saudi Arabia, who spoke with President Putin of Russia and I expect and hope that they will be cutting back approximately 10 Million Barrels, and maybe substantially more which, if it happens, will be great for the oil & gas industry!” Trump wrote on Twitter.

It will be great for the industry, he says. It will not be great for you unless you own significant shares in the industry.

This probably won't even save that many jobs for average workers in the oil & gas industry because consumer demand will remain historically low for the foreseeable future. It will, however, lead to higher share prices for what has already been pumped out of the earth.

And now I'm low-key cursing myself for not filling up yesterday.

By the way, Trump's "friend," Mohammad Bin Salman (MBS), ordered the assassination of Washington Post contributor Jamal Khashoggi because he was critical of MBS.