President Trump has described the recent surge in short-term oil prices, due to the initiation of Operation Epic Fury, as a “very small price” for achieving peace.
On Sunday, Trump took to Truth Social, predicting that once the “destruction of the Iran nuclear threat is complete,” oil prices would “drop rapidly.”
As Operation Epic Fury progresses into its second week, the cost of oil has escalated, with Brent crude briefly reaching nearly $120 per barrel before settling back at $106.23.
Shipping through the Strait of Hormuz, a critical route responsible for about 20% of the world’s oil supply, has slowed significantly, heightening concerns about swift price increases.
The American Automobile Association reports that the average gasoline price per gallon is nearly $3.48. Nonetheless, Trump emphasized that the immediate impact of rising energy costs is a “very small price” in the pursuit of broader peace objectives.
“The temporary increase in oil prices, which will decrease quickly once we eliminate the Iran nuclear threat, is a very small price to pay for the safety and peace of the U.S.A. and the world,” he stated.
“ONLY FOOLS WOULD THINK DIFFERENTLY!”
Last week, the national average for a gallon of regular gasoline jumped by 27 cents to an average of $3.25, according to American Automobile Association.
“The last time the national average made a similar weekly jump was back in March of 2022 during the start of the Russia/Ukraine conflict,” the organization said.
California, Washington and Hawaii were the top 3 states with the most expensive gasoline markets, according to the AAA.
Energy Secretary Chris Wright echoed Trump by saying rising energy costs will be a short-term consequence of Operation Epic Fury.
“We have a temporary period of elevated energy prices, but it will not be long,” he told CBS News’ “Face the Nation” Sunday.
Wright went on to claim the operation in Iran would deliver an “era of even lower energy prices.”
He claimed that Iran would no longer be able to threaten neighboring countries and the US.
Wright claimed “not doing anything” would pose a risk to energy prices, and said he doesn’t expect gas prices to go higher than what they already are.
“The president’s going to continue to stay focused on ending a 47-year conflict, stay focused on growing the global energy supply,” he said.
“This is actually part of that effort. It does involve a temporary impediment to energy production, but on the other side, it will allow much more energy production and much lower energy prices.”
Wright stressed there are no shortages to oil or natural gas and previously claimed prices would come down in “weeks” rather than months.
“There’s no energy shortage at all in the Western Hemisphere,” he said.
Wright and Mike Waltz, the US Ambassador to the United Nations, issued a waiver that allows Indian purchases of Russian oil, designed to reduce pressure on the global energy market.
“It’s a 30-day pause to allow, which is just kind of common sense, to allow the millions and millions of barrels of oil that are sitting out on ships to go to Indian refineries,” Waltz told “Meet the Press.”
With Post Wires.
