Trump's Blame Game Falls Flat as Washington Post Calls Out His Role in Rising Oil Prices

President Donald Trump has shifted blame from his own actions to Big Oil for rising oil prices. The editorial board of The Washington Post, owned by billionaire Jeff Bezos, strongly disagrees with this assertion.

The Post notes that oil prices are set by supply and demand, a fundamental economic principle that even the President should understand. However, Trump has recently criticized energy giants Chevron and ExxonMobil for their windfall profits amid the Iran war, citing that they 'ought to give some of that back to the public'.

But The Post argues that the Strait of Hormuz, which accounts for 20% of the world's oil trade, remains largely shut down due to Trump's invasion of Iran. This has driven up global prices, with prices at the pump being roughly $1 higher today per gallon than they were a year ago.

Dr. Robert Shapiro, a top economic adviser to President Bill Clinton, agrees that Trump's war against Iran has caused oil prices to rise. He notes that even if hostilities do not restart, the price of oil will not return to pre-Trump levels due to a new risk premium and reduced supply.