Trump’s Iran Oil Giveaway — Weeks after he launched his war with Iran, President Donald Trump began releasing millions of barrels of oil from the nation’s strategic reserve to combat skyrocketing…

Trump’s Iran Oil Giveaway Weeks after he launched his war with Iran, President Donald Trump began releasing millions of barrels of oil from the nation’s strategic reserve to combat skyrocketing gas prices. But instead of selling the reserve’s crude oil on the market, as presidents normally do, Trump gave out unprecedented crude oil loans to at least 10 companies that have political connections to the president — a move that could rob taxpayers of billions in revenue. The deals would allow these companies, rather than taxpayers, to potentially profit off of 133 million barrels of crude oil they have borrowed from the national stockpile since March, all of which were acquired and stored on the government’s dime. The hefty loans could divert much-needed funding for upgrades to the reserve’s physical infrastructure. This comes as Trump is fighting to keep the American economy afloat after he, alongside Israel, started bombing Iran in February. Since then, fuel prices, which underpin much of the cost of food and common household items, have skyrocketed. The national average for a gallon of gas before the Iran war was $2.98; in May, it spiked to $4.56. Create a FREE account, or log in. Registered readers of The Lever get access to a limited number of free articles every month, breaking news alerts, and our Lever Daily newsletter. Great! Check your inbox and click the link. Sorry, something went wrong. Please try again. Already have an account? Sign in