Trump emphasizes oil price stability and economic performance during midterm election campaign

(Washington = Yonhap News) Correspondent Lee Yu-mi = U.S. President Donald Trump expressed confidence in the stability of oil prices during a campaign to support the midterm elections on the 2nd (local time).

In a campaign speech held at the Mitchell Center at the University of South Alabama in Alabama on this day, President Trump claimed, "We are cooperating with Venezuela and are taking billions of dollars worth of crude oil," and added, "Soon, we will fill our Strategic Petroleum Reserve (SPR) for nothing."

This is interpreted as an intention to expand the United States' strategic oil reserves with crude oil secured from Venezuela. However, President Trump did not specify when, how much, and how the strategic oil reserve would be filled.

To stabilize oil prices that have soared due to the war with Iran, the Trump administration has been releasing large amounts of oil from the strategic oil reserve. Current U.S. strategic oil reserves have fallen to less than 284 million barrels, the lowest level since 1982.

President Trump also actively promoted the agreement between the G7 and Europe to release diesel reserves on a large scale.

“I spoke with representatives of the G7 member countries, and I am pleased to announce that Europe has agreed to release its large stockpile of diesel fuel, effective immediately,” Trump said.

“Diesel prices are already going down, but we will see them go down further,” he said, asserting that energy prices will fall even further once the war with Iran ends.

Previously, the G7 announced that they had agreed to jointly release 100 million barrels of diesel and crude oil from their reserves over the next four months.

In his speech that day, President Trump also made efforts to highlight his economic achievements.

President Trump emphasized that he is collecting enormous financial revenue through tariffs and said, “If the Republican Party wins, each of you will have $5,000 in your pocket and the United States will achieve unprecedented economic success.”

On the other hand, he claimed that if the Democratic Party wins, "a Great Depression like 1929 will occur." He also appealed for support from the Republican Party, saying that the Democratic Party will significantly increase taxes and reverse the Trump administration's tax cut policy.

President Trump targeted local voters by mentioning that he had invested $3 billion in federal funds to support the start of a bridge project connecting Mobile, southern Alabama, and the eastern seaboard.

At the same time, he urged people to vote for candidates for the Alabama Senate and House of Representatives, including Senator Tommy Tuberville, who is running for Alabama governor.

President Trump announced today that he plans to visit Alabama again on the 10th to watch a college football game.