Splinter: Trump's Oil Inflation Is More Class Warfare

"“The United States is the largest Oil Producer in the World, by far, so when oil prices go up, we make a lot of money,” posted President Trump on March 12th, less than two weeks into a three-plus month war and counting that has produced the largest energy shock in history.”"

"“Inflation is rising faster than wages, putting Americans under growing financial pressure for the first time in about three years. Consumer prices climbed 3.8% over the past year, while wages rose just 3.6%, meaning many workers are losing purchasing power.”"

"“Oil is directly tied to inflation because it is the most important commodity on the planet, and the 1970s agreement with Middle Eastern producers to purchase oil in dollars has undergirded the last half-century of fiat money that has inflated the global economy to unprecedented degrees.”"

"“Amidst the highest inflation in three years, BP's first-quarter profit was $3.2 billion, the largest since 2023 for the formerly named British Petroleum. ‘The world's top 100 oil and gas companies banked more than $30 million every hour in unearned profit in the”"

The United States produces the most oil globally, so higher oil prices increase revenue. Inflation is rising faster than wages, with consumer prices increasing more than wage growth, reducing purchasing power for many workers. Oil is described as the key commodity that drives inflation because it is embedded throughout production and consumption. Oil price changes are linked to higher prices for goods and services that use oil as an input. Large oil and gas companies are reported to be earning substantial profits during this period, including record quarterly results and large amounts of unearned profit.

Read at Jezebel