President Donald Trump is downplaying Americans’ concerns about rising oil and gas prices as a result of the U.S.-Israel war on Iran, claiming in a recent social media post that the price increases would somehow benefit the U.S. “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 claimed in a Truth Social post on…
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Even if that were true (which it’s not), our economy would never see that money.
“We.”
How so? The US is the #1 exporter or top 3 exporter of many refined petroleum products. I’d imagine some of that comes back into the economy.
The US also imports oil, so in net terms its about even.
This is inaccurate. The US exports appx 25% more than it imports. I’m all for hating on oil, but we shouldn’t let our biases allow us to ignore the facts, or worse, make them up. Thats a slippery slope.
I agree, the more people who realize it’s ridiculous that they literally burn their hard earned money into smoke every day, the better our future will be for us and future generations. So yea, in a way it is better for us.