In April 2020, then-President Trump could have let oil prices fall further, but global concerns about big oil executives led him to sign a deal with Russia and Saudi Arabia to “save” the industry due to reduced U.S. oil consumption. This decision contributed to the major price spikes we’re seeing today.

While it’s often mentioned that Trump donated his presidential salary for three of his four years in office, it’s worth noting the tax implications of this. For a billionaire, such donations can result in significant tax deductions. Where a typical president might earn about $252,000 annually after taxes, Trump’s salary donation generated around $160,000 in annual tax savings, totaling approximately $480,000 for three years. Since he did not donate his salary in his final year, this resulted in about $720,000 in tax benefits from his time in the White House. This saved about $300k to Americans but far less than the $1.2million people made it out to be in the end of things. In the context of the $8 trillion deficit increase, this tax benefit could be seen as a small offset.