Trump says increase in crude oil prices 'best of all worlds' for US
{{#rendered}} {{/rendered}}President Trump on Tuesday said a global increase in oil prices, after a drop in costs because of the coronavirus crisis, is the “best of all worlds” for the U.S.
He also said American energy companies are starting to look “very good” even as gas prices remain low.
“Crude Oil prices going up as Saudi Arabia cuts production levels. Our great Energy Companies, with millions of JOBS, are starting to look very good again. At the same time, gasoline prices at record lows (like a big Tax Cut). The BEST of all Worlds,” he tweeted.
{{#rendered}} {{/rendered}}SAUDI ARAMCO ROCKED BY OIL PRICE ROUT
“Transition To Greatness,” he then added.
Benchmark U.S. crude oil climbed 4.7 percent to $25.32 per barrel on Tuesday morning. Meanwhile Brent crude, the international standard, added 1.3 percent to $30.01.
{{#rendered}} {{/rendered}}Oil prices had plummeted in the wake of the global economic downturn that has seen demand slow as countries locked down as part of an effort to stop the spread of the novel coronavirus.
According to the American Automobile Association, the average gas price across the U.S. is $1.854 per gallon, down nearly a dollar from a year ago.
PLUNGING OIL PRICES, CORONAVIRUS FUEL BUDGET CRISIS IN PETROLEUM-RICH ALASKA
{{#rendered}} {{/rendered}}The government of Saudi Arabia announced this week that state oil revenues were down by nearly a quarter in the first three months of 2020 compared to the same time last year. On Sunday, the kingdom's Energy Ministry directed Aramco to deepen production cuts and limit output to 7.5 million barrels per day in June.
The U.S. economy, like many others, has been roiled by the crisis. The Department of Labor announced last week that the unemployment rate had reached 14.7 percent -- and that number is likely only to increase in the coming months.
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{{#rendered}} {{/rendered}}But Trump, pushing for a quick end to the lockdowns across the country, has predicted that the economy will turn around quickly and get back to normal once the restrictions are lifted.
"We had the greatest economy in the history of the world... and we artificially closed it," he said on “Fox & Friends” on Friday. "Those jobs will all be back and they'll be back very soon and next year we're going to have a phenomenal year."
The Associated Press contributed to this report.