Trump Says High Oil Prices Will Make US ‘a Lot of Money’

President Donald Trump believes the increase in oil prices will actually benefit the United States, he said in a Thursday morning Truth Social post.

“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. He did not specify in the post how the U.S. would benefit from higher prices.

However, the president said he’s more concerned about stopping Iran from obtaining a nuclear weapon.

“BUT, of far greater interest and importance to me, as President, is stop[p]ing an evil Empire, Iran, from having Nuclear Weapons, and destroying the Middle East and, indeed, the World,” he wrote. “I won’t ever let that happen!”

Oil prices on Monday exceeded $114 per barrel for the first time since 2022. This marked a 23% increase from the Friday closing price of $92.69.

Prices fell below $100 per barrel late Monday after Trump told CBS News the war was “very complete,” but on Thursday, the price of international Brent Crude oil rose to $100.83 and U.S. crude oil surpassed $95.

At the opening bell on Thursday, the S&P 500 fell more than 1%, the Nasdaq fell 1.3%, and the Dow fell 570 points.

The International Energy Agency announced Wednesday that its member countries would release 400 million barrels of oil from their emergency stocks to lower crude oil prices. This is the largest distribution of reserves in history.

“Earlier today, 32 member nations of the International Energy Agency unanimously agreed to President Trump’s request to lower energy prices with a coordinated release of 400 million barrels of oil and refined products from their respective reserves,” Energy Secretary Chris Wright said in a statement about the release.

Wright said the Department of Energy would release 172 million barrels from the Strategic Petroleum Reserve, beginning next week. The delivery will take approximately 120 days based on planned discharge rates.

“President Trump promised to protect America’s energy security by managing the Strategic Petroleum Reserve responsibly and this action demonstrates his commitment to that promise,” Wright continued.

“Unlike the previous administration, which left America’s oil reserves drained and damaged, the United States has arranged to more than replace these strategic reserves with approximately 200 million barrels within the next year—20% more barrels than will be drawn down—and at no cost to the taxpayer.”

Since the launch of Operation Epic Fury, U.S. crude oil prices have now risen more than 40%. According to GasBuddy, since March 1, gas prices have jumped almost 70 cents to $3.59 per gallon on Thursday.

White House press secretary Karoline Leavitt said at Tuesday’s press briefing that “Americans will see oil and gas prices decrease rapidly” after the Iran operation ends.

“Rest assured to the American people, the recent increase in oil and gas prices is temporary and this operation will result in lower gas prices in the long term,” Leavitt told reporters.

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