Horror! Trump’s Comments about Oil Price Rise Is Starting to Freak Out Oil Industry Executives!

Politico reports that oil industry executives are freaking out about Trump’s remarks about rising oil prices being a boon to America.  Without realizing it, Trump has pulled back the curtain to point at one of his many powerful donors — the fossil fuel industry — with his politically stupid comments.  Basically, the oil industry wants to keep up what they have been doing to America since the Arab Oil Embargo of the early 70’s:  reap huge profits by gouging Americans at the fuel pump.  But they don’t want all the dummies in the public to put two and two together.  

It’s a BAD LOOK for the oil industry, and they prefer us all not to notice huge profits during a war in the Middle East.

From the article:

Trump’s message also feeds into a perception that oil companies are looking to gouge consumers, said a second industry official granted anonymity because he wasn’t authorized to speak publicly.

“This highlights the complicated relationship the oil industry has with the president,” the industry official said. “President Trump’s overarching concern is always the price at the pump — and the lower the better. 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 on a global and transparent market basis.”

The article points out that Trump wanted to shake down the fossil fuel industry for a billion dollars in 2024, but he only received a paltry $75 million.  And Trump has delivered for the oil executives.  Besides big tax cuts, Trump has killed a number of Green Energy initiatives.  And Trump has opened up Venezuela to them now.  

But Trump confirming for all of us jaded skeptics that this war is also about oil profits, is just too damn much for oil executives.  And the garbage spewed above by an anonymous oil executive is a great example of the con that has perpetrated on American consumers for the last 53 years.

When the first Arab Oil Embargo hit the U.S., oil was — wait for it — $3/barrel.  It leaped up to $11/barrel.  When the Iranian Revolution happened in 1979, oil went for $39/barrel.

I do vaguely recall there being a windfall profit tax proposed for oil companies in 1980.  This was eventually REPEALED in 1988.  And prices rose in the early 80’s only to fall again in the mid 80’s.  Americans got used to the higher prices, and nothing else was done about weaning American off of fossil fuels.  It was also the time of Reagan, who was big believer in the power of corporate America and “Fuck You!” to the environment.

But every time there was some military adventure in the Middle East, oil prices would rise some more.  The second Iraq War was supposed to reduce the price of oil, but it did the exact opposite.  This was because Georg W. Bush’s incompetence ended up taking the Iraqi oil field out of production with his little war.  

It helps the oil industry that Americans do not have long term memories about anything, especially when it comes to political events or history.

However,

Trump’s post also plays into some voters’ cynicism about business in general and the oil industry in particular, said Mark Mizruchi, a University of Michigan professor who focuses on the economic and political behavior of large American corporations.

“The interesting thing about Trump’s statement is that he 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,” Mizruchi said. “It probably didn’t occur to him that people — including in the industry — weren’t happy about that” statement.

That’s because Trump is a senile old fool.  

Old timers like me on Daily Kos are probably having Deja Vu when it comes to current events.  Prices are rising just like in the 1970’s.  Inflation is a major concern.  And the job market sucks.  And we are, once again, ensnared in the Middle East, but this time by the whims of a demented criminal.  

Will the peasants realize that the king is a madman and serves only the needs of the noble oil industry?  It’s a real fear for the big oil executives.