Trump Blames Saudi-Russia Oil Fight and ‘Fake News’ for Market Freefall
With the Dow Jones down nearly 1,500 points Monday as of this writing, President Donald Trump has identified his scapegoats: Saudi Arabia, Russia, and “Fake News.”
In a Monday morning tweet, the president blamed the Dow freefall on the burgeoning feud over oil prices between Russia and Saudi Arabia.
“Saudi Arabia and Russia are arguing over the price and flow of oil,” Trump wrote. “That, and the Fake News, is the reason for the market drop!”
Saudi Arabia and Russia are arguing over the price and flow of oil. That, and the Fake News, is the reason for the market drop!
— Donald J. Trump (@realDonaldTrump) March 9, 2020
Russia, on Friday, rejected a deal with OPEC to cut its oil supply. In response, Saudi Arabia slashed its oil prices. Coupled with coronavirus fears, these developments have brought markets across the world down sharply.
Trump argued that there is a silver lining for consumers as prices at the pump are likely to fall amid the tumult.
“Good for the consumer, gasoline prices coming down!” Trump wrote.
Good for the consumer, gasoline prices coming down!
— Donald J. Trump (@realDonaldTrump) March 9, 2020
He also again tried to compare the flu to coronavirus, despite the common flu not being the reason markets have crashed and economic anxiety has risen.
So last year 37,000 Americans died from the common Flu. It averages between 27,000 and 70,000 per year. Nothing is shut down, life & the economy go on. At this moment there are 546 confirmed cases of CoronaVirus, with 22 deaths. Think about that!
— Donald J. Trump (@realDonaldTrump) March 9, 2020
The president is set to meet with White House aides this afternoon to discuss ideas about an economic stimulus.
