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On Sunday, President Trump remarked on the potential fluctuations in oil and gas prices, stating they might decrease, remain stable, or potentially rise slightly by the time the midterm elections roll around. His comments came in the wake of his decision to have the U.S. military begin blockading vessels attempting to navigate the Strait of Hormuz.
During an interview on “Sunday Morning Futures” with Fox News host Maria Bartiromo, she asked Trump if he anticipated a drop in oil and gas prices before the elections. Trump replied, “I hope so. I mean, I think so. It could be, it could be, or the same or maybe a little bit higher, but it should be around the same.”
Discussing the ongoing tensions with Iran, Trump expressed optimism about the situation’s resolution. “I think this won’t be that much longer,” he stated, adding, “They’re wiped out, Maria, they’re wiped out.”
Earlier on Sunday, Trump had announced the military’s blockade of the Strait of Hormuz, a crucial passage for global oil shipments. The strait has effectively been closed since the onset of the U.S. conflict with Iran, which has also imposed tolls on ships attempting to navigate through this strategic route.
On Sunday, Trump announced that the U.S. military would start blockading ships looking to enter the Strait of Hormuz, a key waterway for the oil industry. The strait has been essentially closed since the beginning of the U.S. conflict against Iran. Iran has also recently charged a toll on ships looking to pass through the strait.
The average price for a gallon of regular gas in the U.S. is currently about $4.13, up from around $3.60 last month at the same time, according to AAA.
“Effective immediately, the United States Navy, the Finest in the World, will begin the process of BLOCKADING any and all Ships trying to enter, or leave, the Strait of Hormuz,” the president said on Truth Social.
In recent months, Democrats have sought to use the issue of affordability against Republicans, with Trump campaigning on bringing down costs in 2024. The issue has continued to plague Trump and Republicans going into the midterms, with more than 30 percent of surveyed Trump voters saying late last year that cost of living was the worst in living memory.