Trump administration starts to panic over rapidly rising oil costs | CNN Politics
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While senior Trump aides had anticipated some brief surge in oil prices in the first days of the war with Iran, the size and sustainability of the market reaction caught them off guard.

The Trump administration has started to panic about the spiking price of oil.

While senior Trump aides had anticipated some brief surge in oil prices in the first days of the war with Iran, the size and sustainability of the market reaction caught them off guard, people familiar with the internal discussions told CNN.

Now, as oil prices hover near $100 a barrel just over a week into the war and US gas prices are moving sharply higher, it’s prompted a belated rush to try to reassure investors and seek ways to tamp down the impact. But the administration is confronting the limits of its power — and the reality that Donald Trump’s decision to wage war abroad threatens to wipe out some of his key economic accomplishments at home.

  • StarryPhoenix97@lemmy.world
    15·
    2 days ago

    Yep. I try not to do that. Discussion is good when done in good faith. It’s too bad the disinformation age also has AI agents and censorship. Man. It’s just wild. The censorship. We educated ourselves and now we have the next generation growing up in slop but not knowing their in slop. Or worse, knowing but having know way to escape it as all methods of escape are cut off. So many sides of digital enlightenment being attacked. I don’t know if we’ll escape it. Information has become entertainment. Activism is just performance.

    People aren’t mad enough.

    I hope you’re right though. I hope we find a way. Likely the US is fucked but that doesn’t mean humanity is fucked. Action still has inpact. It’s hard to remember that, but it does.

    • N0t_5ure@lemmy.world
      1·
      2 days ago

      Things tend to turn in cycles, and we are experiencing the end of a cycle similar to that which occurred in the late 1920s and led into WWII. Billionaire Ray Dalio put out a nice ELI5 type video a few years back summarizing his book “Principles for Dealing With the Changing World Order” that basically puts into the context of history what we are currently going through. I had read his book back in 2022, and things have significantly progressed precisely as anticipated in the 4 years since it came out. In my opinion, things will come to a head this year, probably in the fall. I believe that we are currently in the late stages of excess, similar to the late 1920s, and that we will have a “blow off top” in the stock market and the biggest financial crisis of all time, and I’m not the only one. Look at what has been happening to the price of gold, which is currently over $5K/oz and has been on the greatest bull run of all time, which has largely been driven by purchases from the world’s central banks. This is the world shifting away from the dollar as the reserve currency, which will only accelerate as the dollar collapses. My greatest concern is that Trump will use the chaos that erupts to nakedly seize power and dispense with the ruse that he’s a president and not a king.