Trump warns gas prices could rise again: ‘We may have to send it up’
President Donald Trump warned that gasoline prices might rise again due to ongoing conflict with Iran, with hopes that prices will decrease once the war ends. He highlighted that tensions, including the closure of the Strait of Hormuz, have impacted oil and gas prices for Americans. trump praised his administration’s economic achievements but expressed frustration over the profits of oil companies like Chevron and ExxonMobil,urging them to lower retail prices. He mentioned that as the Iran situation resolves, oil prices are expected to fall rapidly, but cautioned they could increase again depending on warfare developments. The conflict has caused price fluctuations, with current average gas prices around $4.08 per gallon. Trump also noted optimism about Iran-Omani talks to reopen the Strait of Hormuz and warned Iran that if peace negotiations fail, the country will face harsh consequences.
President Donald Trump warned on Wednesday that gasoline prices could climb again as the conflict with Iran continues, saying lower prices would return once the war is over.
Speaking in Las Vegas, Trump touted his administration’s economic success, but acknowledged how the war with Iran, which led to the closure of the Strait of Hormuz, has affected gas and oil prices for Americans.
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“As soon as the situation with Iran ends, oil is going to go down, and we will have completed something in such a short amount of time, that is a miracle,” Trump said.
“When oil goes down, and it’s going to go down very rapidly and is already happening. We may have to send it up again. We may have to — you know what happens when we send it up,” Trump later added, referring to prices reacting to warfare. “But we don’t have to. But when the oil and gasoline go down, everything else goes down.”
Oil and gas prices have fluctuated as a result of the conflict in the Middle East, with markets reacting strongly to U.S. strikes on Iran and Tehran’s actions in the strait. On Wednesday, AAA reported the average price of gas was $4.08 per gallon.
The Trump administration has been under pressure to answer for the war’s effect on prices for Americans. Earlier this week, the president expressed his displeasure with Chevron and Exxon Mobil for making “too much” in profits during the second quarter of this year.
“They’ve got to give some of that back to the public, and they better cut the retail price, the consumer price. Too much money,” he said in the Oval Office on Monday. “You’re surprised I’m saying it? I’ll say it loud and clear. I’m not happy about it.”
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Gas prices fell during June and into early July as Washington and Tehran made progress on peace negotiations, agreeing to a 60-day preliminary ceasefire extension in mid-June. But the ceasefire has since fallen through, sending oil and gas prices upward again.
Trump has also voiced optimism about Iranian-Omani talks to reopen the Strait of Hormuz through which one-fifth of the world’s oil supply flows. The president said if peace talks fall through, Iran will “get hit very hard.”
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