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On Sunday, President Trump addressed the rising oil prices, describing them as “a very small price to pay” for achieving “safety and peace” in light of the ongoing U.S. conflict with Iran.
In a message shared on Truth Social Sunday evening, Trump expressed confidence that, “Short term oil prices, which will drop rapidly when the destruction of the Iran nuclear threat is over, is a very small price to pay for U.S.A., and World, Safety and Peace.”
He emphasized his stance by stating, “ONLY FOOLS WOULD THINK DIFFERENTLY!”
The conflict between the U.S. and Iran has led to a notable increase in domestic oil and gas prices. According to AAA data, the national average for a gallon of regular gasoline has surged by 14 percent from the previous week up to Saturday.
This price hike coincides with Iran’s strategic move to effectively shut down the Strait of Hormuz, a critical narrow channel that facilitates the movement of about 20 percent of the world’s oil supply from the Persian Gulf to the Indian Ocean and beyond.
Trump is mindful of economic concerns, as voters have consistently ranked affordability near the top of issues they face ahead of the midterms. The Treasury Department has said they will soon release plans to mitigate the rising energy costs.
West Texas Intermediate crude oil was more than $91 a barrel as of 4 p.m. EST Friday, rising $10 on that day. Brent crude — the international benchmark — rose $7 to $92 during the same time period.