President Donald Trump, on Sunday, said that oil and gas prices could either decrease, remain stable, or slightly rise by the time of the forthcoming midterm elections in November.
During an interview with Maria Bartiromo on Fox News’s “Sunday Morning Futures,” Trump discussed the potential direction of oil and gas prices. “It could be, or the same or maybe a little bit higher, but it should be around the same,” he said.
When the host pressed Trump further on the oil and gas prices, he said, “Eventually, it’s going to be lowered. It might not happen initially, but it’s going to go down,” he said.
“Frankly, the gas hasn’t gone up as much as I thought,” Trump added.
He also touched on the ongoing U.S. conflict with Iran, stating, “I think this won’t be that much longer,” and adding, “They’re wiped out, Maria, they’re wiped out.”
Hormuz Blockade Drives Gas Surge
Trump’s statement follows his recent announcement of a U.S. military blockade in the Strait of Hormuz. The Strait is a critical passage for global oil transportation, and any disruption can cause prices to skyrocket. Trump initiated the blockade in response to Iran’s alleged illegal toll collection and mine placement in the straits.
According to AAA, the average gas price in the U.S. is $4.125 per gallon, compared to $3.598 per gallon a month ago.
The conflict with Iran has already impacted American wallets. In March, gasoline prices saw their largest single-month increase since 1967, surging 21.2% due to the conflict disrupting oil flows through the Strait of Hormuz. Gasoline was the dominant driver of inflation, making up nearly 75% of the 0.9% CPI increase—the biggest monthly rise since June 2022.
Meanwhile, Iran has warned that the blockade could further escalate oil prices. Iranian parliament speaker Mohammad Bagher Ghalibaf cautioned that the current gasoline costs would seem cheap in comparison after the blockade begins. “Enjoy the current pump figures. With the so-called ‘blockade’, Soon you’ll be nostalgic for $4–$5 gas,” he stated.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock
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