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Economy
'That's All Right,' Says Trump as Oil Prices Predictably Surge After He Rips Up MOU With Iran
Oil price jumps should "start being passed along tomorrow and in the days ahead" in the form of higher gasoline prices, said one industry analyst.
08 Jul, 2026
President Donald Trump's illegal war with Iran is sending oil prices surging—again.
While attending the 36th NATO Summit of Heads of State and Government in Türikye on Wednesday, Trump said that the ceasefire agreement he struck last month with Iran is "over," while adding, "I don’t want to deal with them," in reference to the Iranians.
Shortly after the president's remarks, Brent and West Texas Intermediate (WTI) crude oil prices each jumped by more than 4% during Wednesday trading, marking the end of a steady decline in prices that occurred in the weeks since the ceasefire deal was first announced.
Later in the day, Trump went on a lengthy rant about Democrats criticizing his failed campaign promise to bring down the price of groceries starting on his very first day in office, and he falsely claimed that the price of oil "is coming down very big."
At this point, a reporter interjected and said that oil prices on Wednesday were surging upward.
"If we hit Iran, oil goes up a little bit," Trump replied. "That's all right."
Trump on Inflation: And now inflation is way down. Everything is great. The prices are coming down. They made up a phony word: affordability. Oil is coming down very big.
Reporter: Brent crude is up today.
Trump: Every time we hit Iran, oil goes up a little bit. That's all… pic.twitter.com/ZvG0a5RYZh
— Acyn (@Acyn) July 8, 2026
Although the price of gasoline has been following the price of oil downward, any increase in petroleum prices will almost certainly send it back upward.
In a social media post, petroleum industry analyst Patrick De Haan said the renewed fighting between the US and Iran, combined with Russia banning exports of diesel fuel, would likely cause more pain at the gas pump in the near future.
"With news of Russia suspending diesel exports, markets have accelerated their climb," De Haan explained. "In addition, the current national average for diesel of $4.75 per gallon could head back to $5 per gallon in the next week or two, while the national average gas price heads to $4 per gallon."
De Haan added that spot gasoline prices on Wednesday were up by between $0.14 and $0.20, projecting that "today's jumps could start being passed along tomorrow and in the days ahead."
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Trump's Anti-Clean Energy Policies Set to Cost US Consumers $650 Billion by 2040
"The fossil fuel industry and this administration's policies are adding fuel to the fire, and ordinary ratepayers are the ones getting burned," said one campaigner.
08 Jul, 2026
The Trump administration's rollback of clean energy policies will cost American consumers $650 billion in additional energy bills by 2040, according to an analysis published Wednesday by a nonpartisan think tank.
Energy Innovation, a San Francisco-based energy and climate policy think tank, said in its report that "federal policy changes since January 2025 will increase energy prices, slow economic growth and job creation, increase air pollution and healthcare costs, and worsen grid reliability."
The analysis examines seven major policy shifts during the second term of President Donald Trump, who—for the third time—ran on an aggressively pro-fossil fuel and anti-clean energy platform:
- Passage of the so-called One Big Beautiful Bill Act (OBBBA);
- The Environmental Protection Agency's (EPA) reconsideration and repeal of Clean Air Act Greenhouse Gas Standards, Mercury and Air Toxics Standards, and Clean Water Act Effluent Limitations Guidelines for electric power plants;
- EPA's repeal of the endangerment finding and federal tailpipe emissions standards;
- Passage of Congressional Review Act resolutions overturning approvals for state-level tailpipe emissions standards;
- Actions to limit renewable energy development—especially onshore and offshore wind plants—including limitations on issuance of new permits;
- Department of Energy cancellations of hydrogen hub funding and easing of 45V tax credit qualification for natural gas-based hydrogen; and
- EPA's cancellation of the $7 billion Solar for All grant program.
According to the analysis, "Households will pay an additional $650 billion for energy—an average of $460 per household in 2035 and $490 in 2040."
Additionally, the report states that "cutting policies that drive innovation and efficiency in the transportation sector will inflate gasoline prices 14% in 2035 and 26% in 2040, atop near-term upward pressure from the Iran War and other market forces."
"OBBBA and reduced federal support for domestic manufacturing and innovation will cost the US economy 820,000 jobs per year on average over the next decade, in addition to the 144,000 clean energy jobs lost within the past 18 months," the publication forecasts.
"Slowing down electrification and domestic energy manufacturing will lower [gross domestic product] in all years, totaling $2.3 trillion cumulative lost GDP, with effects flowing into other economic sectors," the study warns. "The US economy will lose $150 billion in GDP in 2030, peaking at a $250 billion net loss in 2032, then reverting to losses of $200 billion in 2035 and $120 billion in 2040."
Furthermore, "worsening local air pollution will raise healthcare costs by $43 billion, with annual increases of $4 billion in 2035 and $4.5 billion in 2040, contributing to rising household costs alongside rising energy prices and goods inflation."
Energy Innovation stressed that states must act to mitigate the costs and harms of federal inaction. The report recommends helping wind and solar projects qualify for expiring tax credits under safe harbor rules, removing barriers to additional clean energy development, boosting electric vehicles, supporting energy efficient electrification, and stimulating investment in new clean industries.
The new analysis—whose findings are disputed by the Trump administration—comes amid an unabated affordability crisis that Trump vowed to tackle, and as electricity prices soar in much of the nation as a heat dome, fueled by human burning of fossil fuels, broils large swaths of the country in what many experts warn is the new normal in a worsening climate emergency.
Responding to the analysis, Candice Fortin, US campaigns manager at the climate action group 350.org, said: "This report puts numbers on something households are already feeling in their bills and their blackouts. We were told cutting clean energy would lower costs. Instead, we’re seeing the opposite: rates spiking, grids failing under record heat, and households paying more while data centers’ electricity use explodes."
"You can’t fix an affordability crisis by blocking the cheapest, fastest power we have to build," Fortin added. "The fossil fuel industry and this administration’s policies are adding fuel to the fire, and ordinary ratepayers are the ones getting burned.”
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In Viral Video, Journalist Ronan Farrow Explains How Private Equity Is Destroying Hospitals
"These deals produce harm reliably enough that researchers can now count it."
08 Jul, 2026
Investigative journalist Ronan Farrow on Tuesday published a video on social media where he examines how private equity firms have been buying up hospitals throughout the US and saddling them with enormous debt burdens.
At the start of the video, Farrow notes that private equity firms such as The Carlyle Group, Cerberus, and Pinta have acquired hundreds of hospitals and nursing homes over the last 20 years.
"The pitch is generally: Infuse capital, cut inefficiency, and exit in five to seven years," Farrow explains. "And the deals work like this: A private equity firm puts some of its own money and borrows the rest. Typically, it'll borrow more than 70% of the purchase price."
"The twist is that debt doesn't sit on the firm's books," Farrow continues. "It gets placed on the facility itself, so the hospital or nursing home now carries the debt and the interest on it."
Studies now present a striking picture of what happens when private equity firms acquire hospitals and nursing homes: predictable increases in harm and deaths. One landmark study shows: patient deaths up about 11% after such acquisitions. pic.twitter.com/N6yfXJQIwW
— Ronan Farrow (@RonanFarrow) July 7, 2026
Farrow then cites research published by The Review of Financial Studies in 2023, which found healthcare facilities saw their interest payments more than triple after being acquired by private equity firms.
"In many cases," Farrow says, "private equity firms sold the nursing home's building shortly after acquiring it, returning the proceeds to investors, and then charging the facility rent on the building it used to own."
In addition to added debt burdens placed on hospitals and nursing homes, Farrow adds, the 2023 study found that private equity firms also cut staff hours after acquiring facilities, which has hurt patient care.
"The authors... found that private equity ownership can increase patient mortality by up to 11%," he says. "Over the study period, that translated to more than 20,000 lives lost."
Farrow then points to a 2025 study that found salaries of emergency room workers fall by an average of 18% in hospitals acquired by private equity firms, while hospital-acquired infections and complications rose by 25%.
Farrow concedes that not all private-equity deals turn out poorly and that some of the facilities are already in distress before being acquired.
However, he warns that "these deals produce harm reliably enough that researchers can now count it," adding that "so far, the industry has moved faster than the rules."
Research published Monday by the Private Equity Stakeholder Project (PESP) warned that private equity firms have been increasingly relying on nonprofit joint ventures to expand their reach throughout the US healthcare industry and "siphon profits from health systems and critical healthcare infrastructure."
"Private equity's healthcare playbook is evolving,” said Jim Baker, executive director of PESP. “Our research documents how private equity has increasingly relied on joint ventures with nonprofits to expand its presence in healthcare. These arrangements have received far less attention than traditional private equity buyouts, even as they become more common across hospitals and other healthcare sectors."
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