Trump Predicts Oil Prices Will Plummet After Midterm Elections
US President Donald Trump stated that energy prices won't decrease until after the midterm elections, which are nearly two months away. He made this comment at Joint Base Andrews before heading to Texas for the Republican Party's midterm convention.
Trump said oil prices will fall 'right after' the election, with global benchmark Brent crude futures trading above $101 per barrel and US West Texas Intermediate futures surpassing $96 per barrel at session highs. He attributed the high prices to the war against Iran, which has been ongoing for seven months with no clear resolution in sight.
When asked how he plans to explain the surge in oil prices, Trump replied that it's 'very easy' and all one needs to do is ask if Iran should have a nuclear weapon. He claimed the answer would be no, implying that the war will continue until then.
Trump also suggested that Iran seeks to benefit from an election outcome unfavorable to him, stating they're desperate to try and affect the election so they can get a 'nice weak group of people' in office who will let them have their nuclear weapon. He predicted that the attacks on oil tankers would continue, saying 'you're going to see a lot more.'
Fuel analyst Patrick De Haan expressed skepticism about Trump's prediction that oil and gas prices will fall after the midterms, stating he doesn't see any guarantees of this happening.