President Donald Trump took to his favorite social media platform to discuss the declining oil prices in a tweet in which he thanked himself by using a strange new nickname: President T.
In the tweet, Trump also equated the drop in prices to tax cuts, both of which mean great news for the economy, he explained.
“So great that oil prices are falling (thank you President T). Add that, which is like a big Tax Cut, to our other good Economic news. Inflation down (are you listening Fed)!” President Trump tweeted on Sunday.
As the HuffPost noted, the president’s remarks were met with a chain of mocking comparisons between Trump and actor Laurence Tureaud, known professionally as Mr. T.
Several Twitter users replied to Trump’s tweet by sharing memes of Mr. T, including one in which President Trump’s face was edited onto the actors. Another tweeted a photo of Mr. T, writing that he is the only “President T.”
Other Twitter users also took the opportunity to correct the president’s assumption that the drop in oil prices is good for the economy. CNN’s anchor Bill Weir chimed in by saying that the current prices are 35 cents a gallon higher than the previous week, adding that the news has concerned experts, who have been talking about a possible recession over it.
“Dropping oil prices and down- for-the-year stock market have economists warning of recession,” Weir tweeted in response. “[I]f you are going to call yourself President T, you have to wear chains and a mohawk.”
As The New York Times reported last week, months after surging to their highest point since 2014, oil prices have recently plummeted to some of its lowest levels this year. On Tuesday, the price of the oil barrel dropped nearly 7 percent, amounting to one of the sharpest dips in recent years, taking prices to the lowest levels of 2018, the report continued.
Despite the president’s bragging, some economists have shown concern over the plunging prices. Since undergoing the so-called “Shale Revolution,” the United States has been transformed back into a major oil producer. In this context, declining crude prices signify a small headwind for the economy, according to Market Watch.
Also, the The New York Times report continued, the news also puts additional strain on the already shaky relationship between the U.S. and Saudi Arabia, given that the retreat in prices represent a big worry for members of the Organization of the Petroleum Exporting Countries, of which Saudi Arabia is the most powerful member.