President Trump went to social media this morning to provide his perspective about the price of oil.
“Good for the consumer, gasoline prices coming down!” he tweeted around 9:35 a.m. (CDT).
Oil plunged Monday morning after Russia and Saudi Arabia said they would increase production amid declining demand caused by the novel coronavirus.
West Texas Intermediate crude fell to $27.34 a barrel before going through a modest recovery. At around 10:20 a.m., the price was around $34.26, a $7.02 (or 17.01) percent drop compared to Friday’s close.
The president also weighed in on the stock market drop Monday morning. As of 10:20 a.m., the Dow Jones Industrial Average fell 1,469 points or 5.68 percent to 24,395. The year-to-date change in the market is 15.39 percent.
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
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
“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!” the president tweeted.
The president also tweeted that too much is being made of the impact of coronavirus.
“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!” the president tweeted.
