Donald Trump, Petropresident
Follow the Gulf oil money
Why did Donald Trump attack Iran? Did he believe that a quick victory would boost his poll ratings? Was he looking for a way to change the subject from the Epstein files and affordability? Was he seduced into war by the Israeli government?
The answer, surely, is all of the above. Bad decisions don’t have to have a single explanation. In fact, debacles on the scale of what we’re now experiencing usually have multiple causes.
But when I look into the larger picture of Trump administration policy — not just the attack on Iran but domestic policies, especially the administration’s seemingly irrational hatred of renewable energy and its determination to keep America burning fossil fuels no matter what — I keep coming back to the huge influence now being wielded by oil money.
I don’t mostly mean the domestic U.S. oil industry, although them too. The U.S. oil and gas sector spent large sums helping Republicans in the 2024 election, while giving very little to Democrats.
But what really stands out is the centrality of oil money from the Persian Gulf, money that has been crucial in two areas: Trump’s international economic schemes and his personal enrichment.
One recurrent theme in Trump’s economic speeches has been boasting about the size of the foreign investment pledges he has received as part of his tariff strategy. “In 12 months,” he declared in the State of the Union, “I secured commitments for more than $18 trillion pouring in from all over the globe.”
Meta Thoughts
On setting $80 billion on fire
Imagine if the U.S. government had wasted as much money as Mark Zuckerberg.
