Governor Gavin Newsom (D-CA), on Wednesday, accused President Donald Trump and his allies of benefiting from the war in Iran as gas prices soared at pumps across the country.
Cashing In On War
Voicing criticism on X, the California Governor’s official Press Office quoted a post by user James Tate, who outlined that an unnamed White House insider made a $51 million bet against Brent Crude Oil hours before the ceasefire agreement with Iran was announced and prices dropped. “This guy is now 16 for 16. $170 million in profit. A perfect streak,” Tate said, accusing the trader of knowing what was coming before it came.
Newsom’s Press Office slammed Trump in its post. “While you’re paying billions more at the gas pump, Trump’s allies are cashing in,” the post said.
The criticism against soaring gas prices could hold water as the national average for a gallon of gasoline was $4.164 on Wednesday, according to data from the American Automobile Association, with Californians paying $5.934 per gallon, the highest in the country.
Meanwhile, crude oil prices also saw an uptick after slipping following the ceasefire announcement. Currently, the West Texas Intermediate costs $97.11/barrel while the Brent Crude Oil commanded a price of $96.77/barrel at the time of writing this article.
Adam Schiff Criticizes Trump Insiders
Sen. Adam Schiff (D-CA) also earlier voiced criticism and accused the administration of profiting off the war. Schiff also demanded that the White House release its transaction reports as a surge in futures trading occurred a few moments before Trump announced a halt on planned strikes on Iran two weeks ago. “Trump insiders may be getting richer,” Schiff said.
The War In Iran
The U.S., Israel and Iran reached a ceasefire agreement. However, Iranian parliamentary speaker Mohammad Bagher Ghalibaf accused the U.S. of breaking the terms of the ceasefire agreement as Israel continued strikes on Lebanon, saying that the terms of the agreement did not apply to the country.
It’s also worth noting that Pakistan’s Prime Minister, Shehbaz Sharif, had shared that the terms of the ceasefire also covered Lebanon. Pakistan had facilitated the talks between the countries as they reached a two-week ceasefire agreement and the reopening of the Strait of Hormuz.
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