So where did Trump’s chart get its key “$120” figure? It appears that’s a reference to the approximate peak in US crude closing prices under Biden. But that peak came in 2022, more than two years before Trump returned to office, in the aftermath of Russia’s invasion of Ukraine.

Former Biden administration economic spokesperson Jesse Lee posted on X on Friday in response to the chart: “It just bears repeating: the spike in oil prices under Biden (long gone by when Trump took office) was due to Putin’s invasion of Ukraine. The spike under Trump was due to his own war of choice.”