President Trump told reporters Wednesday that he doesn't expect oil prices to come down before the November midterms.
"Right after the election, oil prices are going to be tumbling downward," he said while departing for the GOP midterm convention in Dallas. "I think it's going to take a little bit longer than the midterm."
Oil prices have spiked since the U.S. and Israel launched their war against Iran in February, which has snarled tanker traffic in the Strait of Hormuz, through which about 20% of the world's petroleum passed before the conflict.
The average price of a gallon of gas in the U.S. is currently around $4.22, more than a dollar higher than this time last year.
Diesel prices are also at an all-time high, nearing $6 per gallon, driving up the price of goods due to higher transportation costs.
President Trump said he believed Iran would look to cut a deal after the midterms, citing the poor shape of the country's economy.
"I think the war's going to end immediately after the election because they can't hold out any longer," he said.
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Дата на публикация: 10 септември, 2026
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