President Trump claims gas prices will ‘go down’ after Iran war
President Trump released an update on gasoline prices, predicting a significant drop following the Iran war.
President Donald Trump said fuel prices are “not that high in relative terms,” even though the ongoing Iran war has driven up gasoline prices and some Americans are growing frustrated with the Trump administration’s handling of the conflict.
The president’s comments to reporters earlier this week came after a new Reuters/Ipsos poll found that 60% of Americans do not support a U.S. military strike against Iran, and a majority expect gasoline prices to continue rising.
The average price of a gallon of regular gasoline as of June 10 was $4.15, down from $4.26 the previous week and down from $4.52 a month ago, according to AAA. This time last year it was $3.12.
The blockage of the Strait of Hormuz has restricted global oil supplies. The price of regular gasoline has increased by nearly 40% since the conflict began. Gasoline prices rose 7% in May, following a 5.4% rise in April and 21.2% in March, according to data released by the Labor Department on June 10.
“The numbers were great,” President Trump told reporters, reacting to the Consumer Price Index report showing annual inflation rose to 4.2% in May. “I love inflation. Do you know why?”
Additionally, President Trump said the United States is “extracting millions of barrels of oil” from Iran, adding that these efforts are aimed at helping bring down fuel prices.
The president told reporters last month that Americans’ economic problems were “peanuts” compared to the possibility of Iran acquiring nuclear weapons. He asked Americans for patience and said the price hikes would not last “for very long.”
But many Americans don’t believe prices will come down anytime soon.. Of the 4,531 Americans surveyed in the Reuters/Ipsos poll, 59% said they thought gas prices would worsen next year as a result of the war, including 83% of Democrats, 61% of independents, and 34% of Republicans.
And rising gas prices have soured Americans’ sentiment about the economy in 2026. The University of Michigan’s index of consumer sentiment fell in May to its lowest level since the survey began recording more than 70 years ago. Joan Hsu, director of consumer research, said the majority of those surveyed (57%) said high prices were “eroding their personal finances.”
Fuel prices have been falling since early last month on hopes for a easing of tensions in the Middle East and reports that some tankers were successfully evacuated from the Gulf.
“There’s a lot of oil coming out of the Strait of Hormuz,” President Trump told reporters after watching Game 3 of the NBA Finals. “There are a lot of nuclear weapons coming out, and before you know it, the price is not that high, relatively speaking. I mean, it’s lower than it was during the Biden administration, and the Biden administration hasn’t stopped countries from getting nuclear weapons.”
In April, more than a month after the war began, the price of oil reached $117.60 per barrel. As of the afternoon of June 10th, it was trading at $90.30. This is still relatively high, but not as high as in March 2022, when prices rose to a record high of $130.50 per barrel following Russia’s invasion of Ukraine, which, like the Iran war, limited global oil supplies.
Contact Rachel Barber rbarber@usatoday.comFollow her on X @rachelbarber_and subscribe to her newsletter Making More of Your Money here.
