Source: Fortune
Summary
Former Commerce Secretary Wilbur Ross comments on the US-Iran conflict, suggesting that President Trump faces a difficult decision: either risk high oil prices affecting voters before the midterms or withdraw from the region and face potential criticism. Ross notes that the conflict has already impacted oil prices, and if they reach $5 per gallon, it could harm Trump’s chances in the midterms. Additionally, Trump has begun pressuring Big Oil companies to lower prices, accusing them of “gouging” consumers.
Our Reading
The announcement sounds familiar.
Trump’s rhetoric on the conflict’s duration has not matched reality. Wilbur Ross highlights the political risks of high oil prices, which could impact Trump’s chances in the midterms. The conflict has already led to increased oil prices, and Trump is under pressure to resolve the issue. Ross notes that Iran is betting on outlasting Trump, and the president’s ability to make or conduct war could be restricted if he loses both houses in the midterms. Trump is also turning up the heat on Big Oil, accusing them of price gouging and instructing the DOJ to investigate.
The numbers tell one story, but the politics tell another.
Author: Evan Null
