Amid Iran conflict, US gasoline prices surge. Trump: Not worried, not planning to tap into strategic oil reserves!

On Thursday, local time, U.S. President Trump stated in an interview that he is not worried about rising gasoline prices caused by escalating conflicts with Iran and said that U.S. military action is his top priority.

When asked about rising fuel prices at gas stations, he responded, “I’m not worried at all. Once this all ends, gas prices will quickly fall back. If they go up, so be it. But this (military action against Iran) is much more important than a slight increase in gasoline prices.”

Trump also said he has no intention of using the Strategic Petroleum Reserve (the world’s largest emergency oil stockpile), and he believes the Strait of Hormuz (a key oil transit route near Iran) will remain open.

This is not the first time Trump has made such remarks. On Tuesday, during a meeting with German Chancellor Merkel in the Oval Office, he told reporters that after ending the hostile stance with Iran, the current high oil prices would fall.

He acknowledged that “in the short term, oil prices will stay high,” but added, “Once this situation ends, I believe oil prices will decline, even falling below previous levels.”

This statement marks a shift in Trump’s tone. Just last month, he was vigorously promoting falling gasoline prices in his State of the Union address; and just last Saturday, a few hours before the U.S. launched an airstrike, he was touting lower oil prices at an energy-focused rally in Texas.

Meanwhile, as Trump made these remarks, U.S. gasoline prices are rising sharply. According to AAA data, on Thursday, the national average gasoline price was $3.25 per gallon, up 27 cents from a week ago and 36 cents from a month ago.

As conflicts in the Middle East escalate and disrupt oil supplies, international oil prices are also soaring. The international benchmark Brent crude has risen above $84 per barrel, up from about $71 a week ago.

Political analysts say that the continued rise in oil prices could negatively impact the Republican Party in the November midterm elections, where both parties will compete for control of Congress. Voters are already dissatisfied with high living costs and Trump’s handling of the economy.

Despite Trump publicly downplaying the rise in oil prices, White House Press Secretary Karine Leavitt on Thursday said that Chief of Staff Sussy Wiles and Energy Secretary Kkrist Wight have contacted oil industry executives to discuss possible measures to address rising energy prices.

Another unnamed White House official revealed that the White House’s energy and national security teams are urgently developing measures to stabilize oil prices.

U.S. Secretary of the Interior Doug Burgum said on Thursday that the Trump administration is weighing a series of options to respond to the surge in oil and gasoline prices during the Iran conflict. In an interview, he stated, “All options are under consideration,” including both immediate-impact actions and longer-term, more complex solutions.

After Iran’s blockade of the Strait of Hormuz, Trump said on Tuesday that the U.S. would provide insurance guarantees and even dispatch naval escorts to ensure the smooth transportation of energy through the Persian Gulf. However, this plan has not effectively eased market concerns, and the shipping industry remains skeptical about its effectiveness.

(Source: Cailian Press)