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Back in March, President Trump rejoiced at soaring oil prices, saying: “We make a lot of money.” Now, his oil allies are set to collect a windfall, and Trump isn’t so happy anymore.Thanks to U.S. crude prices averaging $95 a barrel between March and June—up from about $66 before the Iran war
Big Oil Is Raking In Billions From the Iran War. Can It Avoid Trump’s Fury?
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President Trump initially celebrated rising oil prices because they boosted U.S. energy profits. However, after the Iran war pushed crude prices from roughly $66 to an average of $95 per barrel between March and June, oil companies and their allies are now poised to receive major financial gains. The situation has become politically inconvenient for Trump, who is no longer pleased with the consequences of the price surge.
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Oil and gas companies are expected to report enormous profit growth as the war in Iran drives energy prices higher, but their stocks continue to underperform because investors question whether those gains will last. Political sensitivity and uncertainty around oil prices may also make companies reluctant to immediately increase dividends or stock buybacks.
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President Trump initially celebrated rising oil prices because they boosted U.S. energy profits. However, after the Iran war pushed crude prices from roughly $66 to an average of $95 per barrel between March and June, oil companies and their allies are now poised to receive major financial gains. The situation has become politically inconvenient for Trump, who is no longer pleased with the consequences of the price surge.
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