Trump says US will gain from rising oil prices amid conflict

US President Donald Trump’s statement that the United States will ‘make a lot of money’ from rising oil prices has sparked political debate in the US.

The president made the remark at a time when oil prices have risen sharply following the escalation of the conflict between the US, Israel and Iran, and when American motorists are already feeling the pinch from rising petrol prices.

Democrats immediately accused him of caring more about the profits of large oil companies than about households struggling with rising living costs. The White House defended his words by saying that Trump was merely pointing out that the US is now the largest producer of oil and gas and also a net exporter of energy.

The administration is also considering measures that could ease pressure on prices, such as temporarily relaxing the Jones Act to speed up fuel transport between US ports.

Energy Secretary Chris Wright acknowledged that the market is currently facing significant disruption, but described the scenario of oil prices reaching $200 per barrel as unlikely.

(reuters, pir)