President Donald Trump said rising US gas prices caused by the conflict with Iran are not a major concern, emphasizing that the military operation takes priority.
In an interview with Reuters, Trump dismissed worries about higher fuel costs, saying they are a temporary effect of the ongoing conflict in the Middle East.
“I don’t have any concern about it,” Trump said. “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.”
Oil prices have surged since the conflict escalated, pushing US gasoline prices up by about 27 cents in a week to an average of $3.25 per gallon, according to AAA.
The jump in energy prices comes as fighting threatens supply routes in the region, especially the Strait of Hormuz, one of the world’s most important oil shipping lanes.
Despite the price increase, Trump said the administration is not planning to release oil from the Strategic Petroleum Reserve, the largest emergency stockpile of crude in the world.
The White House believes the energy shock will likely be temporary. Officials expect the military campaign against Iran to last four to five weeks, although some analysts question whether the conflict could drag on longer.
Meanwhile, administration officials have been in contact with major oil companies to discuss ways to stabilize energy markets. Options being discussed include insurance support for oil tankers, naval escorts through the Strait of Hormuz, and potential fuel tax relief.
Political analysts warn that sustained increases in gasoline prices could become a challenge for Republicans ahead of the November midterm elections, especially as many voters are already concerned about the cost of living.
For now, however, the White House is betting that energy prices will stabilize before they become a major political issue.
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