See President Trump claim gas prices will ‘drop’ after Iran war
President Trump gives update on gas prices, expecting a substantial drop after the Iran war.
President Donald Trump said fuel prices are “not very high, relatively speaking,” though the ongoing Iran war has spiked the cost of gas and some Americans have grown impatient with the Trump administration’s handling of the conflict.
The president’s comments, which he made to reporters earlier this week, come after a new Reuters/Ipsos poll shows 60% of Americans disapprove of U.S. military strikes against Iran – and a majority expect gas prices will continue rising.
As of June 10, the average price per gallon for regular gasoline was $4.15, down from $4.26 the week before, and down from $4.52 the month prior, according to AAA. This time last year, it was $3.12.
Blockades in the Strait of Hormuz have limited the global oil supply. Since the conflict began, regular gasoline costs are up nearly 40%. In May, gas prices shot up 7% following a 5.4% rise in April and a 21.2% surge in March, according to Labor Department data released June 10.
“The numbers were great,” Trump told reporters reacting to the Consumer Price Index report which showed annual inflation climbed to 4.2% in May. “I love the inflation. You know why?”
Trump then said the United States has been “taking out millions of barrels of oil” from Iran, adding those efforts are aimed at helping to bring down fuel prices.
The president last month told reporters that Americans’ financial problems were “peanuts” compared to the prospect of Iran having a nuclear weapon. He asked Americans for patience and said elevated prices would not last “much longer.”
But many Americans don’t believe prices will drop soon. Of the 4,531 Americans surveyed in the Reuters/Ipsos poll, 59% said they believe gas prices will get worse over the next year because of the war, including 83% of Democrats, 61% of Independents, and 34% of Republicans.
And higher prices at the gas pump have soured Americans’ feelings about the economy in 2026. The University of Michigan’s measure of consumer sentiment sank to its lowest level in May since the survey began keeping track more than seven decades ago. At 57%, a majority of those surveyed said high prices “were eroding their personal finances,” according to Surveys of Consumers Director Joanne Hsu.
Fuel prices have come down since the start of last month amid hopes of a de-escalation in the Middle East and reports that some tankers are managing to exit the gulf.
“A lot of oil is coming out of the Hormuz strait,” Trump told reporters after attending game 3 of the NBA finals. “A lot of it is coming out, and if you notice, the price is not very high, relatively speaking. I mean, it’s lower than during the Biden administration, and he wasn’t stopping a country from having a nuclear weapon.”
The price of a barrel of crude oil hit $117.60 in April a little more than a month after the war began. It’s sitting at $90.30 as of the afternoon on June 10. That’s still relatively high, but not as high as it was in March 2022 when the price rose to a record high of $130.50 per barrel following Russia’s invasion of Ukraine, which like the Iran war, limited the global oil supply.
Reach Rachel Barber at rbarber@usatoday.com, follow her on X @rachelbarber_, and subscribe to her newsletter “Making More of Your Money” here.
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