Donald Trump has a message for Americans complaining about rising gas prices: It’s a small price to pay for his war in Iran.
Speaking at a rally in North Carolina on Wednesday, Trump acknowledged that gasoline prices have risen because of the conflict but dismissed the increase as “a very inexpensive price to pay for what we’ve done.”
“It’s a little more,” Trump said. “Frankly, even if it was a lot more.”
Trump then assured the crowd that prices would eventually come down.
“But that’s going to come tumbling down,” he said. “That’s going to be like rocket ships in reverse.”
The problem for Americans at the pump is that prices are currently moving in the opposite direction.
The national average for regular gasoline reached about $4.44 a gallon Thursday, according to AAA, up roughly 7 cents from the previous day and nearly 39% higher than a year ago. The price is also approaching the record national average of $5.02 set in June 2022.
Diesel prices are climbing even faster. The national average reached $6.40 a gallon Thursday, another record, up about 9 cents from Wednesday and roughly 73% higher than a year ago, according to AAA.
And there are warnings that the pain at the pump may not be over.
Analysts say gasoline prices could rise substantially further if disruptions to global oil supplies continue, with the ongoing conflict and turmoil around the Strait of Hormuz putting additional pressure on crude markets.
AAA said crude oil was averaging around $100 a barrel Thursday, with continued volatility surrounding the Strait of Hormuz contributing to the elevated prices.
The spike is putting pressure on consumers and businesses alike. Higher diesel prices are particularly significant because diesel powers much of the nation’s trucking and freight network, meaning prolonged increases can work their way into the cost of transporting goods.
Yet Trump has continued to argue that the higher fuel costs are an acceptable consequence of the military campaign against Iran.
At Wednesday’s rally, he said the war was the right thing to do because Iran would otherwise have obtained a nuclear weapon.
Trump also predicted that gasoline prices would fall quickly once the conflict’s effects on oil markets ease.
For now, however, the numbers at the pump tell a different story: gasoline is surging, diesel has hit a record, and analysts are warning that prices could climb even higher.
And Trump’s message to Americans dealing with those costs is that it’s a “very inexpensive price to pay” for his war of choice in Iran.
