President Donald Trump said that America benefits when oil prices increase because the nation is the world’s biggest oil producer, but added that he considers blocking Iran from obtaining nuclear weapons to be more important.
“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,” the president said in a Thursday Truth Social post.
“BUT, of far greater interest and importance to me, as President, is stoping an evil Empire, Iran, from having Nuclear Weapons, and destroying the Middle East and, indeed, the World. I won’t ever let that happen! Thank you for your attention to this matter,” he added.
TRUMP TOUTS ‘HISTORIC’ $300B TEXAS REFINERY AS FIRST NEW US PLANT IN NEARLY 50 YEARS
Gas prices have been surging amid the war, with AAA’s national average price for regular gas currently at $3.598.
The U.S. plans to release millions of barrels of oil from its Strategic Petroleum Reserve next week.
“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 Wednesday statement.
“As part of this effort, President Trump authorized the Department of Energy to release 172 million barrels from the Strategic Petroleum Reserve, beginning next week. This will take approximately 120 days to deliver based on planned discharge rates,” Wright noted.
“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,” he said in the statement.
IRAN THREATENS $200 OIL BARRELS AS US PREPARES MASSIVE RELEASE OF EMERGENCY PETROLEUM RESERVES
White House press secretary Karoline Leavitt told Fox News on Thursday that the administration “is considering waiving the Jones Act for a limited period of time to ensure vital energy products and agricultural necessities are flowing freely to U.S. ports.”
The Iranian regime has threatened increased oil prices as the regime targets commercial shipping in the Strait of Hormuz.
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“Get ready for oil to be $200 a barrel, because the oil price depends on regional security, which you have destabilised,” Iranian military command spokesperson Ebrahim Zolfaqari warned in comments directed toward Washington, Reuters reported.
Fox News’ Patrick Ward contributed to this report.
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