Trump demands 'everyone' keep oil prices down after U.S. airstrikes on Iran
A Trump administration official said the administration will remain in "close coordination" with key oil producers
Daniel Torok/The White House via Getty Images
President Donald Trump on Monday pressured oil companies to keep a lid on prices in the wake of U.S. airstrikes on three Iranian nuclear facilities over the weekend.
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"EVERYONE, KEEP OIL PRICES DOWN. I'M WATCHING! YOU'RE PLAYING RIGHT INTO THE HANDS OF THE ENEMY," Trump said in a social media post. "DON'T DO IT!"
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He followed up three minutes later with another post on Truth Social. "To The Department of Energy: DRILL, BABY, DRILL!!! And I mean NOW!!!"
A Trump administration official said the administration will remain in "close coordination" with key oil producers, adding that officials haven't detected a supply interruption so far.
"Key oil market factors and the many tools at our disposal alongside the President’s commitment to peace through strength should all be reassuring to the market," the administration official said.
Trump's comments illustrate the public and sometimes aggressive rhetoric he's employed to dictate the behavior of publicly traded firms. The president also lambasted Apple and Walmart for some decisions they took earlier this year to handle the effects of ongoing trade wars on their core operations.
Trump isn't the first to lash out at oil companies: Former President Biden also did the same to prevent what he called "profiteering" at the gas pump.
At one point, Biden threatened to pursue higher taxes on the sizable profits of large oil companies in the weeks leading up to the 2022 midterm elections. "It’s time for these companies to stop war profiteering... give the American people a break and still do very well," Biden said at the time, as gas prices were spiking from Russia's war against Ukraine. Those taxes never materialized.
Oil prices have climbed 10% since the start of the Israeli military campaign against Iran's nuclear program on June 13. The U.S. military struck a trio of Iranian nuclear sites on Saturday, provoking fears of Iranian retaliation that disrupts oil markets particularly if it moves to block access to the Strait of Hormuz. It's one of the most critical global shipping lanes for crude oil. The Iranian government has said it reserves the right to respond to the U.S. attacks.
White House officials projected confidence that oil-producing nations had abundant reserves that would soften the blow of a possible Iranian counterattack. "There's a lot of room to adjust should we need to," White House National Economic Council Director Kevin Hassett told CNBC.