When Russia and Saudi Arabia started their price war and oil prices dropped quickly, Trump declared that this was a very good thing for America. Then he announced that Saudi Arabia had agreed to cut production, which would increase oil prices, he declared that that was a very good thing for America.
Trump describes the oil price crash as, in a way, "the greatest tax cut we've ever given."
— Daniel Dale (@ddale8) March 31, 2020
The greatest tax cut ever! And it’s all because of Trump, so praise him! And then…
Just spoke to my friend MBS (Crown Prince) of Saudi Arabia, who spoke with President Putin of Russia, & I expect & hope that they will be cutting back approximately 10 Million Barrels, and maybe substantially more which, if it happens, will be GREAT for the oil & gas industry!— Donald J. Trump (@realDonaldTrump) April 2, 2020
…..Could be as high as 15 Million Barrels. Good (GREAT) news for everyone!
— Donald J. Trump (@realDonaldTrump) April 2, 2020
So if the drop in oil prices was the greatest tax cut in history, wouldn’t that mean that this would result in the greatest tax hike in history? And incidentally, Russia denies that this phone call ever happened and has not agreed to cut production. Poor Trump, caught between his two favorite murderous dictators. I feel terrible for him.