As American drivers face the highest fuel costs in years due to the ongoing conflict with Iran, President Donald Trump has brushed aside concerns, stating he is content with crude oil prices holding at $92 per barrel. In a taped interview with Fox Business Network host Maria Bartiromo, the president downplayed the financial strain on households, even as prices have surged approximately 50 percent since the U.S. and Israel initiated attacks on Iran in late February.
Trump's Surprise at 'Low' Oil Prices
During the conversation, Trump remarked that he was "very surprised" crude prices were "only" at $92 a barrel, suggesting he had anticipated worse amid the U.S. blockade of the Strait of Hormuz. He predicted the war could conclude swiftly, leading to a significant drop in oil costs. "If you told me that we were going to be at only 92 a barrel, $92 a barrel, I would have been very surprised. All right, and you know what? I'm very happy, and it's going to come dropping down very big as soon as it's over," he said.
Economic Impact and Inflation Concerns
Trump also dismissed worries about the war's effect on inflation and potential economic slowdown, asserting any negative impact would be temporary. "Because, you know, we go through it for whatever it is six weeks, there's going to be a hit, but it's going to recover, I think, fully," he told Bartiromo. He further claimed U.S. stock markets would "boom" post-conflict, noting they are "already booming again," and highlighted record highs in indices like the Dow and S&P during his tenure.
Record-High Prices and Consumer Strain
These comments follow the March Consumer Price Index report, which revealed a 0.9 percentage-point increase from February, marking a 3.3 percent annual rise—the largest since May 2024. Since the war began, oil prices have frequently exceeded $100 per barrel, pushing the average U.S. gas price above $4 per gallon, nearly $1 higher than a year ago. Overall, energy prices have jumped 10.9 percent, with gasoline soaring an extraordinary 21.2 percent.
Trump defended the economic toll, arguing the war has been "very worthwhile" by degrading Iran's nuclear capabilities. However, with gas prices at peak levels and inflation climbing, many Americans continue to feel the pinch at the pump, raising questions about the long-term financial consequences of the ongoing military engagement.
