US President Donald Trump on Thursday welcomed the collapse in oil prices, considering it as a “tax cut” for American consumers.
“The price of oil is at a level that I have never dared imagine… As prices in petrol stations drop, it will be a tax cut, a big tax cut,” Trump said of the Oval Office.
The US President stated that he had spoken to Saudi Crown Prince Mohammed bin Salman about the current situation in the oil market, expressing his satisfaction with the current level of oil prices.
“I asked him what was happening”, Trump told reporters at the White House, on Thursday, in response to a question in this regard.
“They have differences with Russia, and this is what pushed oil prices down.”
He continued, saying: “I can tell you that oil prices are now at the level that I dreamed of because gasoline prices will drop a lot, and the drop in gasoline prices is tantamount to reducing taxes, and this is a significant reduction of taxes for the consumer.”
He concluded by saying: “And this is what I like a lot.”
To that, US President Donald Trump said that saving lives in light of the outbreak of the new coronavirus epidemic is more important than stock indexes, amid a sharp drop in stock indexes in New York.
“I don’t want the citizens to die”, Trump said at the White House.
That is all that belongs to me, ”and he described his decision to ban most flights from Europe to American soil as a” difficult decision. ”
The president, who has long promoted the stock market gains since he took office, said these figures are “not important compared to life and death.”
“All of these indicators will rise again”, Trump said, vowing to press ahead with the fiscal stimulus program, despite his Republican opposition to the stimulus package proposed by Democrats.
Oil prices, the backbone of the Gulf economy, collapsed Thursday, against the backdrop of a price war launched by Saudi Arabia and the United Arab Emirates against Russia, which rejected a call to reduce global crude production to compensate for declining demand.