President says national security takes precedence as global oil markets react to expanding Middle East conflict.
By yourNEWS Media Newsroom
President Donald Trump said Thursday he is not concerned about rising gasoline prices in the United States as the military conflict with Iran continues, emphasizing that the ongoing operation remains his administration’s primary focus.
Speaking in an interview with Reuters, Trump was asked about the recent increase in fuel prices driven by instability in global energy markets.
“I don’t have any concern about it,” Trump said when questioned about the impact of higher gasoline costs.
“They’ll drop very rapidly when this is over, and if they rise, they rise, but this is far more important than having gasoline prices go up a little bit,” he added.
The remarks reflect a shift in tone from earlier appearances in which the president highlighted declining fuel prices as a sign of economic progress. During last month’s State of the Union address and at a campaign rally in Texas focused on domestic energy production, Trump cited falling gasoline costs as evidence of the administration’s economic policies.
The Texas rally occurred hours before U.S. forces launched airstrikes tied to the current military operation targeting Iran.
Energy markets have reacted sharply to the conflict. Global oil prices have climbed approximately 16 percent since hostilities began Saturday, reflecting concerns about disruptions to Middle Eastern oil supply.
In the United States, the national average price for gasoline has risen by 27 cents over the past week to $3.25 per gallon, according to data from AAA, a travel organization that tracks fuel prices nationwide. The current average is about 15 cents higher than the same period last year.
Trump, however, characterized the increase as modest.
“The costs haven’t risen very much,” he said during the interview.
The president has outlined a military campaign expected to last four to five weeks, though some military and political analysts have questioned that timeline, noting that the United States has not publicly detailed a long-term objective while the conflict continues to expand across the region.
Despite market volatility, Trump said he does not plan to authorize a release from the Strategic Petroleum Reserve, the United States’ largest emergency crude oil stockpile.
He also expressed confidence that shipping lanes in the Strait of Hormuz—one of the world’s most critical oil transit routes—will remain operational.
Trump said the Iranian navy is now at the “bottom of the sea,” suggesting that Tehran’s ability to disrupt tanker traffic through the narrow channel has been significantly diminished.
White House energy advisers have reportedly told administration officials that the initial market reaction to the conflict has been less severe than anticipated. According to individuals familiar with internal discussions, advisers have recommended patience rather than rapid intervention in fuel markets.
Those advisers warned that aggressive government action to control prices could unsettle energy markets and potentially worsen volatility.
Secretary of State Marco Rubio said earlier this week that the administration was preparing a series of measures aimed at stabilizing global energy flows. So far, officials have announced U.S.-supported risk insurance for oil tankers operating in the region and indicated that naval escorts may be provided to vessels traveling through the Strait of Hormuz.
Energy industry leaders have suggested that policy tools available to the administration may have limited immediate impact on fuel prices.
One energy executive told Reuters that while several policy options exist, their effect may be modest.
“When you look across the menu of policy options, domestically or within other countries, they can be helpful, but they don’t move the needle far,” the executive said, speaking anonymously to discuss administration policies.
The executive added that restoring stable shipping routes through the Strait of Hormuz would likely be the most significant factor influencing oil markets.
Administration officials are also reviewing other possible steps, including a temporary suspension of the federal gasoline tax and regulatory adjustments allowing higher ethanol blends in summer fuel formulations.
According to sources familiar with internal deliberations, officials have also discussed a potential release of oil from the Strategic Petroleum Reserve. However, Trump’s comments in the Reuters interview indicated that such a move is not currently under consideration.
Congressional Republican leaders have echoed the administration’s stance that the rise in fuel prices is manageable.
House Speaker Mike Johnson has also downplayed concerns about higher gasoline costs, even as Republicans prepare to highlight economic performance as part of their strategy heading into the upcoming midterm elections, where control of Congress will be contested.
Original article
Comments