As the widening conflict with Iran rattles global oil markets and pushes up prices at the pump, US President Donald Trump says Americans shouldn’t worry too much about it.
In an exclusive interview with Reuters, Trump brushed aside concerns about rising gasoline prices, saying the military campaign against Iran matters far more than temporary pain at the pump.
“I don’t have any concern about it,” Trump told Reuters when asked about the spike in gas prices. “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.”
The comments mark a notable shift for Trump, who only weeks ago celebrated falling gasoline prices during his State of the Union address and at a Texas rally focused on energy.
Global oil prices have surged about 16% since the war began last Saturday, as the expanding conflict threatens energy supplies across the Middle East.
According to the US travel group AAA, the national average price of gasoline has risen 27 cents in the past week to $3.25 per gallon, about 15 cents higher than a year ago.
Trump, however, insisted the increase was manageable.
“The costs haven’t risen very much,” he said.
STRATEGIC RESERVES OFF THE TABLE
Despite the jump in fuel prices, Trump said he is not considering tapping the Strategic Petroleum Reserve, the world’s largest emergency stockpile of crude oil.
The President also voiced confidence that the critical oil shipping route through the Strait of Hormuz will remain open.
He told Reuters the waterway should stay secure because Iran’s navy is now at the “bottom of the sea.”
WHITE HOUSE BETTING ON A SHORT WAR
The White House appears to be betting the economic shock from the conflict will be short-lived.
Trump has outlined a four-to-five-week timeline for the military campaign against Iran, although political and military analysts have questioned that projection, noting that Washington has yet to clearly define its long-term objectives.
Behind the scenes, White House energy advisers have urged patience, telling officials the initial jump in fuel prices has been less severe than many feared, according to people familiar with internal discussions.
Secretary of State Marco Rubio has also announced plans aimed at stabilizing oil shipments through the Strait of Hormuz, including risk insurance for tankers and potential naval escorts.
Still, energy executives say Washington has limited tools to bring prices down quickly.
“When you look across the menu of policy options they can be helpful, but they don’t move the needle far,” one energy executive told Reuters.
– Ends
With inputs from Reuters
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