There’s a lot that Americans don’t understand about the presidency, the economy or how those two interact. Accordingly, presidents tend to get credit for things out of their control in good times and likewise catch the blame for events beyond their remit in bad times. Inflation and gas prices are two particularly prominent examples where the White House usually has few levers to pull that can move the needle.
But Trump found a loophole I had not considered: starting a war against one of the world’s major oil suppliers.
Since last week’s start of the U.S. and Israeli-led military campaign against Iran, energy prices have surged. And there’s plenty of room for things to get worse, despite Trump’s statement Sunday that a gain in “short term oil prices” was a “very small price to pay” for “safety and peace.” Because while Trump’s claim that the war was very complete may have caught investors’ eyes, in the same conversation with CBS News, he also said he was “thinking about taking it over” — it being the Strait of Hormuz.
This is a preview of Hayes Brown’s latest column. Read the full column here.
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