“We are a nation that is failing,” said the former US president, referring to economic statistics that predict a crisis in the country.
The former US president, Donald Trump, has once again attacked this Friday against the Administration of the current president Joe Biden for his policy that has led to the current energy crisis in the country.
“We are a nation that has the highest energy costs in history. We are no longer energetically independent or dominant as we were two years ago. We are a nation begging for oil from Venezuela, Saudi Arabia and many others. ‘Please please please, help us‘, says Joe Biden,” declared the former president at a rally held in the city of Waukesha, Wisconsin, to campaign for some Republican candidates.
In parallel, he alluded to the economic statistics that predict a crisis in the country. “We are a nation in decline. We are a nation that is failing“said Trump, mentioning that today the country has the highest rate of inflation in about 40 yearswhile the stock market “just finished the worst half of the year since 1870.”
Energy and economic situation in the US
In March, the US introduced the embargo on Russian oil due to the military operation in Ukraine. Then, the country has faced the rise in gasoline prices that on June 14 marked its historical record after reaching the 5,016 dollars on average per gallon, according to data from the American Automobile Association (AAA). Currently, the rate nationwide is $4,084 per unit.
To alleviate the crisis, Washington undertook a series of measures. In particular, in May it authorized US and European oil companies to “negotiate and restart operations” with Venezuela after years of sanctions against the South American country. On the other hand, during Biden’s visit to Saudi Arabia last July, from Riyadh they announced that they will increase the daily production capacity of crude oil to 13 million barrels, but only for the 2027, after which there will no longer be such a possibility.
As for the economic state, top US officials, including the current president, have stated on several occasions that the country is not in a recession. However, on July 28, the Department of Commerce’s Office of Economic Analysis reported that the country’s gross domestic product (GDP) shrank 0.2% in the second quarter of 2022 compared to the previous three months, which technically constitutes an informal indicator of economic recession.