President Trump said consumers will benefit from plummeting oil prices as the markets take a hit amid the coronavirus outbreak.
Reacting to news of declining oil prices on Twitter, Trump blamed the “Fake News” media and foreign shale oil disputes for the Dow Jones’s precipitous decline.
“Good for the consumer, gasoline prices coming down!” the president wrote. “Saudi Arabia and Russia are arguing over the price and flow of oil. Tha
Over the weekend, Saudi Arabia slashed its crude oil prices to compete with Russia for market share. OPEC was negotiating with Russia to decrease its production of oil after demand for fuel fell in China as the coronavirus spreads across the globe. U.S. oil prices fell over 30% on Monday to under $30 per barrel.
So far, neither the Centers for Disease Control and Prevention nor the World Health Organization has categorized the virus as an epidemic, but certain media entities have upped their rhetoric. On Monday, CNN announced that the network will begin referring to the COVID-19 virus as an “epidemic,” but Dr. Sanjay Gupta, the network’s chief medical correspondent, stated that he believes the rhetorical shift “should not cause panic.”
The virus that causes COVID-19, which originated in Wuhan, China, has disrupted public affairs as the disease continues to spread. More than 500 cases and 22 deaths have been confirmed in the United States. Globally, more than 111,000 people have been infected across every continent except Antarctica.