Trump: "Oil Price Drop Is Good for Consumers"

No Mention of Oil Price Crash or COVID-19 Issues
Only Favorable Interpretations Presented
Claims COVID-19 Less Dangerous Than Flu

[Image source=Reuters Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] On the 9th (local time), U.S. President Donald Trump expressed the view that the decline in oil prices would benefit consumers.

President Trump mentioned on his Twitter that "(The drop in oil prices) is a good thing for consumers. Gasoline prices are going down." Despite the 25% plunge in oil prices causing a sharp decline in global financial markets and the U.S. stock market that day, he emphasized only the positive aspects of the oil price drop.

While it is true that the decline in oil prices is positive for consumers, he did not mention the significant economic burdens such as the contraction of related industries, which is interpreted as emphasizing only the points favorable to himself ahead of the election. On that day, West Texas Intermediate (WTI) crude oil closed at $31.13, down 24.6% from the previous day at the New York Mercantile Exchange. This is the largest drop since 1991.

President Trump also deflected the sharp drop in the New York stock market by blaming the oil price decline on the conflict between Saudi Arabia and Russia and the media's fake news about the novel coronavirus infection (COVID-19). Even as confirmed cases surged in the U.S. due to delayed response and poor handling of COVID-19, he expressed the stance that he bears no responsibility.

President Trump also downplayed the risk of COVID-19. Through Twitter, he emphasized, "Every year, 37,000 people die from the flu in the U.S. Nothing has been closed, and life and the economy are operating normally." This has been criticized as misleading the situation where COVID-19 cases are rapidly increasing in the U.S., with states declaring emergencies, schools closing, and performances being canceled, spreading damage.

This content was produced with the assistance of AI translation services.