Trump's oil boast has cringing industry execs running for cover: report
Trump's boastful Truth Social post about oil industry profits has created an embarrassing moment for energy executives who desperately want those windfall gains to remain out of public view.
As crude oil prices settled around $95 per barrel—far above the industry's preferred $60 threshold—Trump declared on Truth Social: "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 post crystallizes an uncomfortable reality for oil companies: they are profiting handsomely from war-driven price spikes while consumers face soaring gas prices at the pump. Since the Iran war began, crude prices have surged nearly $30 per barrel or more. Oil executives now face a public relations nightmare.
"The idea that the industry profits from war and death is not one a VP of public relations wants to promote," said Mark Jones, political science fellow at Rice University's Baker Institute.
Industry sources reacted with dismay. "Oh, boy...." one oil executive responded when shown Trump's post.
Trump's statement feeds directly into public perception that oil companies are deliberately gouging consumers. Another industry official, speaking anonymously, acknowledged the damage: "This highlights the complicated relationship the oil industry has with the president. There is also some notion that the oil and gas industry secretly works to raise prices, which is a fundamental misunderstanding of how the industry works."
University of Michigan professor Mark Mizruchi, who studies corporate political behavior, identified the deeper problem. "Trump inadvertently stated a belief that a lot of people have—that something like this happens and the oil companies will make a lot of money. It probably didn't occur to him that people—including in the industry—weren't happy about that statement."
Trump's candid admission has weaponized public cynicism about corporate profiteering at precisely the moment oil industry executives were hoping to keep their war-driven windfall profits out of the spotlight.
You can read more here.
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