Expert details the 'quid' and the 'pro quo' with Trump’s latest spin on high oil prices
With U.S. President Donald Trump's decision to go to war with Iran causing oil prices to soar, many critics of Operation Epic Fury are warning that the economic pain will be far-reaching in the United States. Liberal economist Paul Krugman and MS NOW host Catherine Rampell are stressing that higher gas prices will hit Americans hard regardless of whether or not they drive a car — as groceries and many other items will become even more expensive when it costs more for truck drivers to transport them to the stores.
On his Truth Social platform, Trump tried to put a positive spin on rising gas prices —arguing, "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." But journalist/author Brian Tyler Cohen, in a biting column published on his website on March 12, emphasizes that the "we" doesn't include the vast majority of Americans.
Cohen describes a "quid pro quo" in the column — one that only oil companies, the Trump Administration and members of the Trump family stand to benefit from.
"Who is 'we'?," Cohen writes. "I'll tell you who it's not: the voters who put this guy in office. Trump isn't even trying to hide it anymore. When he says 'we' make a lot of money, he means oil executives, and he means himself. Because that's all Trump cares about. How he can put more money in his own pocket and deliver a payout for his billionaire cronies."
The journalist/author goes on to describe how the "quid pro quo" works with the Iran war and oil prices.
"Let's take a look at his claim that 'we make a lot of money' because of high gas prices," Cohen explains. "Experts say that this is a short-term windfall for your ExxonMobils, your Chevrons, your Shells. All oil producers that don't rely on supplies from the Middle East. But there's another layer here. Each of those companies gave at least a half million dollars to Trump's inaugural committee. And oil and gas interests donated $75 million to Trump's 2024 election campaign. That's the quid."
Cohen continues, "Now, last week, Qatar — the largest supplier of natural gas in the world — shut down production due to military attacks on its facilities. With supply constrained, oil prices skyrocketed. And once those facilities are down, they take weeks to come back online. Experts say that if they stay offline into the summer, those U.S. oil companies stand to gain $20 billion more in profit every week. And that's the pro quo…. Trump has every incentive to keep this going on as long as possible, because it makes his friends rich."
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- noam chomsky
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