FACT CHECK: Trump Raised Oil Prices on Americans to Bail Out Big Oil By Cutting a Deal with Putin and OPEC

WASHINGTON, D.C. – Donald Trump spouts nonstop lies about energy costs because he can’t defend his own record of intentionally increasing oil prices to bail out his big oil donors. Here are the facts, followed by the footage: 

FACT: Kamala Harris cast the tie-breaking vote to triple American clean energy production that is projected to lower electricity bills and gas prices by up to 9% and 13%, respectively.

FACT: In April  2020, Donald Trump cut a deal with Vladimir Putin, Saudi Crown Prince Mohammed bin Salman, and OPEC to intentionally increase oil prices and bail out his biggest oil donors after a price war between Russia and the Saudis sent oil prices plunging. 

FACT: Trump cut the deal after his biggest fossil fuel backers lost billions from their net worth in just weeks, including Trump’s most crucial oil donor, Harold Hamm, who convinced Trump to bail the oil industry out after he lost $3 billion in days.  

FACT: Hamm leveraged his years of support for Trump, convincing him to host a whole roomful of oil executives at the White House to hash out the deal. [VIDEO]. Attendees included Kelcy Warren, Jeff Hildebrand, Vicki Hollub, and, of course, Harold Hamm.  

FACT:  If any of those names sound familiar, that’s because they all responded to Trump’s April request for $1 billion by cohosting multiple fundraisers for him over the past six months. That includes the CEO who told Trump that she was upset at the FTC for requesting her cell phone record while they were reportedly investigating her over allegations of potential collusion with OPEC to raise gas prices.

FACT: NBC, “Trump Wanted Lower Oil Prices, But Now He’s Meeting With Industry Executives To Discuss How To Raise Prices.”

FACT: Bloomberg, “Trump Forced by Oil War Into Unthinkable Push for Higher Prices” … “Donald Trump is trying to do something no U.S. president has dared to do in decades: Drive up the price of oil.”

FACT: A USA Today editorial asked, “Amid coronavirus pandemic, why is Donald Trump trying to push up fuel prices?”… The editorial board wrote that  “the most unambiguous winners of higher prices are countries like Russia and Saudi Arabia, not the United States, which is still a net importer. What’s more, his move attempts to help oil companies by imposing higher costs on U.S. consumers, workers and fuel-reliant businesses.”

FACT: Reuters, “Special Report: Trump told Saudi: Cut oil supply or lose U.S. military support – sources”

FACT: Bloomberg, “Trump became the first American president to push for higher oil prices in more than 30 years, reversing his personal opposition to the cartel.”

FACT: The Washington Post, Dan Drezner, “Why Does Trump Want Higher Oil Prices?”

FACT: CNN, “Instead of slamming OPEC for artificially restraining production, Trump is urging the cartel to do just that.”

FACT: Chicago Tribune, Steve Chapman, “Column: Trump’s push for higher gas prices is misguided”

FACTS AND FOOTAGE: Trump has regularly bragged about the deal at rallies and events. There’s even video:  

Iowa, March 2023:  “In fact, I got the oil down so low I had to save the oil companies. How about that one? Remember that little period when you were getting almost free gasoline? We had to save them. We had a call OPEC and we had to call Russia, frankly, and Saudi Arabia. We said, ‘We have to get the price up.’ But we saved all those companies.” … “What caused inflation? The oil price. The oil. Energy.  Energy became so ridiculously expensive, it drove everything up. Now everything is inflated.”

North Carolina, June 2023: “We had the worst, the worst problems and the worst cost of energy in 60 years. We had it down to $1.87 three and a half years ago, a gallon. And we actually had it lower than that, but we won’t even talk about that because I had to save the oil companies that we were all going to go bust. I said this is the first time I’ve ever said we got to get it up a little bit. I actually called Russia and the king of Saudi Arabia.”

Georgia, June 2023:  “Gas prices were at $1.87 a gallon. We actually had them lower than that for a little while, but I had to get them up. We were going to lose the oil companies. They were going so low they were getting killed.”

Texas, July 2020: “But we really did — we did a great job. And I want to thank, frankly, Saudi Arabia.  I want to thank Russia.  I want to thank Mexico.  And I want to thank OPEC, as they call it, Plus.  It’s called OPEC+.”