Trump unconcerned about rising gas prices, happy with $92 oil post Iran war spike

Former U.S. President Donald Trump remains unconcerned about rising gas prices, calling the $92 oil level after tensions with Iran manageable and temporary, while expressing confidence that the U.S. economy and markets will recover swiftly once the conflict eases.

Former U.S. President Donald Trump has indicated that he is not concerned about the recent surge in gas prices despite the financial strain it imposes on American households. Trump commented on the $92-per-barrel price of crude oil, describing it as surprisingly moderate given the context of the U.S.-imposed measures on the Strait of Hormuz and ongoing tensions in the region.

During an interview with Maria Bartiromo on Fox Business, Trump downplayed the impact of rising oil prices, suggesting that the increase represents a temporary and manageable challenge rather than a long-term economic threat. He noted that crude oil prices have risen nearly 50% since February 28, 2024, following U.S. and Israeli actions against Iran.

Trump predicted that the current elevated oil prices would decrease once the conflict subsides, asserting that the economic disruption caused by higher fuel costs is short-lived. He stated that any temporary setbacks in the economy would be followed by a recovery, emphasizing that Americans will experience a swift rebound in financial conditions after the crisis concludes.

The former president also highlighted the resilience of the U.S. stock market. He referred to previous economic gains under his administration, noting that indices such as the Dow and the S&P achieved record highs, and suggested that similar outcomes could occur despite the current geopolitical tensions.

Impact on Gas Prices and Inflation

The ongoing conflict has contributed to a significant increase in U.S. gas prices, which have now exceeded $4 per gallon. Overall energy costs have risen by roughly 10%, while gasoline prices alone have increased approximately 21% over the past year. These developments have intensified the financial pressure on households, but Trump described these effects as temporary and manageable in the broader context of national and global economics.

Recent economic data supports the rising cost of living. The March Consumer Price Index (CPI) report indicated a 0.9% increase in prices from February, resulting in a 3.3% year-over-year rise, the highest since May 2024. Despite these figures, Trump emphasized that the economy remains strong and capable of weathering the temporary disruptions caused by higher energy prices.

Economic Outlook Amid Global Tensions

Trump expressed optimism that the resolution of the Iran conflict will lead to a notable decrease in oil prices, restoring affordability for American consumers. He framed the short-term economic strain as a necessary consequence of addressing national security concerns and preventing Iran from advancing its nuclear capabilities.

While acknowledging the immediate impact on U.S. households, Trump maintained that the broader economy will remain resilient. He emphasized that financial markets have continued to show confidence, with investors anticipating a return to stability and potential profit opportunities once the geopolitical situation improves.

In summary, Trump’s remarks underline his view that the current spike in oil and gas prices is a temporary concern. He projects that the economy will recover quickly after the Iran conflict is resolved, and that Americans will ultimately benefit from the strategic outcomes of the U.S. and allied actions. The recent rise in inflation and energy costs, while significant, is positioned as a manageable phase within a larger framework of economic resilience and future growth.

Sources:

• Fox Business
• Reuters
• CNBC
• Trump dismisses gas price concerns saying he’s happy oil is ‘only’ at $92 a barrel after spike from Iran war