President Trump said Sunday that increasing prices of oil are “a very small price to pay” for “safety and peace” amid the U.S. conflict with Iran.
“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,” Trump said in a Sunday evening Truth Social post.
“ONLY FOOLS WOULD THINK DIFFERENTLY!” he added.
The U.S. conflict in Iran caused a recent surge in domestic oil and gas prices, with the U.S. national average for a gallon of regular gasoline going up by 14 percent between last week and Saturday, per data from AAA.
Iran has effectively closed off the Strait of Hormuz, the narrow maritime passageway that ushers roughly 20 percent of global 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.
