Washington — On Wednesday, President Trump expressed approval of the recent surge in inflation, describing the figures as “great” and declaring, “I love the inflation,” attributing it to the U.S. “taking out” what he claimed are “millions” of barrels of Iranian oil stealthily. He further revealed, “I’m just announcing today for the first time” that the U.S. is confiscating Iranian oil.
President Trump assured that once the ongoing conflict concludes, both oil prices and inflation will decrease significantly. When questioned by a reporter in the Oval Office about his concern over the Consumer Price Index, which escalated to an annual rate of 4.2% from 3.8% the previous month, marking its peak since April 2023, he maintained a positive stance. The latest inflation data had just been published earlier that day.
“No, I love it,” the president remarked. “The numbers were great. You know what I really love? I love the inflation. You know why? Because as soon as this war is over. Here’s something you didn’t know. Did you know we’ve been taking out millions of barrels of oil? Nobody knows it. You know who doesn’t know about it? Iran, until right now. We took out the other night, 22 ships. Late at night, with no lights. Because they don’t have any radar because we blasted the crap out of it. We took out. That’s why oil’s $85 a barrel.”
Although prices have eased somewhat recently, Brent crude, the international oil benchmark, was trading at around $94 per barrel by midday Wednesday.
The president noted that oil prices have not surged as much as he expected in light of the war, while the U.S. stock market continues to reach “all-time historical highs.” He also described the situation in Venezuela as a “great success,” highlighting that the U.S. is extracting significant resources from both Venezuela and Iran.
“I think they’re going to want to make a deal, but we’re going to find out,” President Trump remarked regarding Iran.
A reporter asked the president if he expects inflation to fall once the war is over.
“When the war is over? It’s coming down. It’s going to come down like a rock,” he said. “And again, we’re taking out millions, which, I’m just announcing today for the first time, but we’ve been taking out millions of barrels of oil. Millions. Every night.”
Mr. Trump is underwater in polls on the economy, despite the economy and cost of living once being his strongpoints in polling. Higher inflation is also coming in a midterm election year when Republicans are battling to keep control of the House and Senate.
