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President Donald Trump has emphasized that the recent rise in oil prices is a “very small price to pay” for ensuring “safety and peace” as tensions with Iran escalate.
In a post shared on Truth Social Sunday evening, Trump remarked, “The short-term increase in oil prices, which will decrease swiftly once the Iranian nuclear threat is eliminated, is a minor cost for the safety and peace of the U.S. and the world.”
He further stated, “ONLY FOOLS WOULD THINK DIFFERENTLY!”
The ongoing conflict with Iran has led to a notable spike in oil and gas prices domestically. According to AAA, the national average for a gallon of regular gasoline has jumped by 14 percent from last week to Saturday.
The situation has been exacerbated by Iran’s effective closure of the Strait of Hormuz, a critical maritime route through which approximately 20 percent of the world’s oil supply is transported 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 it 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.