Moscow is benefitting from high oil prices, the former US president has said
© Getty Images / Scott Olson / Staff
Soaring energy prices have boosted Russia’s revenues, while the US is facing major economic threats due to its transition to clean energy, former President Donald Trump claimed on Wednesday.
Addressing supporters at Drake Enterprises, a non-union auto parts manufacturer near Detroit, Trump condemned the administration of President Joe Biden for its policies on electric vehicles (EV) and clean energy, branding them a danger to the US auto industry. The shift to EV will kill jobs at America’s biggest carmakers and eventually make them obsolete, Trump warned.
“For auto workers, Biden’s transition to electric is a transition to hell,” the former president declared. “A transition to unemployment.”
According to Trump, the US was “more energy-independent” than Russia and China during his tenure as president, while now “we are begging countries to give us gasoline.”
“We are going to lose our country,” Trump warned, arguing that Moscow has “made a fortune” and continues to benefit from high oil prices.
READ MORE: Russian energy revenues grow year-on-year – Handelsblatt
Global oil prices have surged by 30% since June after voluntary production cuts by OPEC and allies led by Russia. On Thursday, prices reached their highest level in over a year, with benchmark Brent rising above $97 a barrel. US West Texas Intermediate futures touched $95 per barrel, marking the highest price since August 2022.
Experts predict that prices will remain high for the rest of the year.
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