Oil Prices Hit $100 Again—Trump Touts Cost Hike Benefits
Okay Trump supporters, Trump has now put forth a claim of such idiocy that pretty much everyone knows (should know) he is out of his mind.
S E E D E D C O N T E N T
Topline
Brent crude oil prices hit $100 per barrel again on Thursday morning shortly after President Donald Trump insisted the U.S. makes "a lot of money" when oil prices rise, while Iran's new Supreme Leader Mojtaba Khamenei vowed the Strait of Hormuz would stay closed.
In a post on Truth Social on Thursday, the president said the U.S. was the world's largest oil producer and "when oil prices go up, we make a lot of money."Getty Images
Key Facts
In a post on Truth Social, Trump insisted the U.S. was the largest oil producer in the world, and "when oil prices go up, we make a lot of money."
The U.S. is the largest oil producer in the world, according to the U.S. Energy Information Agency—producing about 22% of the world's total share, but it's also the largest consumer of oil.
But average gas prices have naturally spiked alongside oil prices—now costing consumers an average of $3.59 per gallon as of Thursday, according to AAA.
The president said in the post he was more concerned with preventing "an evil Empire, Iran, from having Nuclear Weapons"—only moments before Khamenei gave what Iranian state-affiliated media said was his first public remarks after being chosen as Supreme Leader following the death of the last leader, his father Ayatollah Ali Khamenei, on the first day of air strikes.
Brent crude oil prices briefly hit $100 around 9:23 a.m. EDT on Thursday before dropping back down—but gradually rose back to over $100 per barrel an hour later.
Crucial Quote
"The popular demand is to continue our effective defense and make the enemy regret," the new supreme leader said in a written statement released by Iranian state-affiliated media and compiled by Reuters. "The lever of blocking the Strait of Hormuz must continue to be used." Khamenei also threatened to open "new fronts" of the war, and promised to avenge the children killed in a strike on an elementary school. Preliminary findings of an internal investigation found the U.S. military was likely responsible for the strike that killed an estimated 175 people, mostly children. Iranian officials warned yesterday oil prices could reach as high as $200 per barrel after Iranian forces struck multiple ships in the Strait—a vital shipping lane for petroleum exports from the Middle East.
Gas Prices Are Still Rising
Gas prices have been rising since the war in Iran broke out on Feb. 28, up almost 60 cents. According to the International Energy Agency, these price disruptions could continue as long as the Strait of Hormuz remains closed, according to a report released on Thursday. The White House has consistently promised these price hikes would be temporary, with Press Secretary Karoline Leavitt insisting they would "decrease rapidly" after the war ends.
Key Background
The price spike comes only one day after the IEA announced it would release a record 400 million reserve barrels of oil—an unprecedented release to help combat shocks to the market following the closure of the Strait of Hormuz. In the report released on Thursday, the IEA called the war in Iran the "largest supply disruption in the history of the global oil market." Thursday's report said flows through the Strait are at a "near standstill," forcing producers in the region to reduce or completely shut down production in multiple countries, including the UAE and Saudi Arabia.
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Trump trying to spin how his triggering a rise in crude oil is a good thing for the average American.
Should be a red flag for even the most ardent supporter to recognize that this asshole does not give one shit about you or anyone else. That he will lie to your face ... even on matters where you certainly know he is full of shit. And that he is an incompetent buffoon who continually damages our nation, and others.
Since 03/01/2026 only 12 ships have safely transited the Strait of Hormuz. 2500 ships outside the conflict area have dispersed leaving 750 trapped in the Persian Gulf
6 of which were attacked yesterday leaving three burning
Just updated at noon CST today
Strait of Hormuz Live Tracker — Real-Time Shipping & Oil Crisis Monitor
I doubt that will make any difference to magas. My maga friend said recently, before the Iran "excursion", that his number one criteria for judging the success of Trump's presidency is the price of gas, and he was very happy with the way things were. I haven't heard him complain yet.
Something that a PotUS has little control over unless he is trying to cause it to rise. It is often the case that a PotUS has limited ability to make improvements but unfortunately can directly act to cause damage.
And, of course, in the case of Trump, the buffoon manages yet again to do harm to this nation and others.
More people are betting on high price oil futures than lower prices.
Iraq just joined the shutdown of oil production after two tankers were attacked by Iranian sea drones in port.
The Pentagon think tank must be sleeping it off somewhere unless they were all fired for not cheering this insanity.
21% of the worlds crude or slightly refined oils flow out of the strait of Hormuz.
33% of the world's various fertilizers transit Hormuz as Springtime approaches the USA.
Higher fossil fuel prices coupled with even higher fertilizer prices = inflation.
or soup kitchens.
Trump trying to spin how his triggering a rise in crude oil is a good thing for the average American.
It could be a good thing for an "Average American" who owns stock in an oil company.
But even then it might not. (If you own an oil stock and don't sell it at a higher price you haven't actually made any money. You don't gain or lose money until you sell it). .
You don't gain or lose money until you sell it.
Eventually these high prices will end, and oil stocks will come back down.
And in terms of "Averige Americans" who own stocks, most tend to "buy high and sell low", thereby losing money. (Seasoned pros do the oppositie, they tend to buy at low prices, sell at higher prices).
Except that the average American is a consumer of gasoline directly and an indirect consumer of gasoline and other oil products used for manufacturing and distribution. Thus, yet again, inflation.
Well so far the Trump supporters have not weighed in with feeble excuses. Maybe the Trump spin team has not yet published the talking points.