US President Donald Trump claimed via social media that oil is flowing, jobs are at record levels, and US prices are dropping, increasing affordability. His statement coincided with a drop in USOIL below $73 per barrel and a decline in Bitcoin’s price to around $63,600. However, recent US CPI data has hit multi-year highs, and the stock market remains near but not at a record, raising questions about the accuracy of the affordability claims.
Donald Trump stated on his social media platform that “oil has begun flowing, jobs are at record levels, and prices in the US are dropping, which will increase affordability.” He also asserted that Iran “can never have a nuclear weapon” as part of a reported but unsigned deal. The President ended his post by declaring, “YOU’RE WELCOME!”
Oil prices have indeed declined, with USOIL dipping below $73. This marks a roughly 40% drop from its peak near $120 after the outbreak of war, though it remains above pre-war lows. The US stock market is noted to be close to its record level but not quite there.
Contrasting the claims on affordability, US Consumer Price Index numbers for the past two months have reached multi-year highs. This data suggests the reported decline in prices and rise in affordability have yet to be substantiated.
Bitcoin’s price followed oil lower, dropping to approximately $63,600 following Trump’s statement. It briefly rebounded to $64,200 but was pushed back down, trading well below $64,000. A previous decline was attributed to the US Federal Reserve’s decision on interest rates and its new Chairman’s stance.
