At a recent speech Trump said "oil is less expensive now than it was under the Biden administration," adding that "oil will come dropping down as soon as Iran gives up" and claiming the United States and Venezuela hold 60% of the world’s oil. He also claimed his team "took a record amount of oil out of the Hormuz Strait." Critics on social media called the assertion false and inconsistent, noting he both said prices already fell and that they will fall once the Iran conflict ends. Commenters pointed out the comparison omits a clear benchmark, WTI, Brent, or pump prices, while others noted the Biden-era peak in June 2022 is likely being used to skew the comparison. Reporting tied to the President’s touted Venezuela oil arrangement says the deal faces legal and logistical problems that could sink it. The claim is drawing scrutiny from fact-checkers and news outlets and is complicating coverage of the Venezuela arrangement and Trump’s broader energy talking points.
