Trump: Russia Makes a Lot of Money, US Faces Big Economic Threat
Former US President Donald Trump. Photo/REUTERS
WASHINGTON - Soaring energy prices have boosted Russia's income, while the United States (US) faces major economic threats from its efforts to transition to green energy.
This warning was expressed by former US President Donald Trump on Wednesday (27/9/2023).
While speaking to supporters of Drake Enterprises, a non-union auto parts manufacturer near Detroit, Trump criticized President Joe Biden's administration for its policies on electric vehicles (EVs) and green energy.
Trump branded the policy as a danger to the US auto industry. According to him, the switch to electric vehicles will eliminate jobs at America's largest automakers and ultimately make them obsolete.
“For auto workers, Biden's transition to electric is a transition to hell,” the former president stressed. “Transition to unemployment.”
According to Trump, the US was “more energy independent” than Russia and China during his tenure as president, “whereas now we ask other countries to give us gas.”
“We are going to lose our country,” Trump warned, arguing Moscow had “made a lot of money” and continued to profit from high oil prices.
Global oil prices have surged by 30% since June following voluntary production cuts by OPEC and its allies led by Russia.
On Thursday, prices hit their highest level in more than a year, with benchmark Brent rising above $97 a barrel.
US West Texas Intermediate crude oil futures touched USD95 per barrel, marking the highest price since August 2022.
Experts expect prices to remain high for the rest of the year.