‘We make a lot of money’: Trump downplays gas prices during Iran war

Donald Trump on Thursday shrugged off the economic toll the war in Iran is taking on gas prices across the United States, writing on social media that “when oil prices go up, we make a lot of money”.

The president’s comment came as the American Automobile Association reports that the average price for a gallon of gas hit $3.60, a week after the beginning of the US-Israel military operation against Iran prompted the largest price spike since the opening days of Russia’s invasion of Ukraine in 2022.

Costs at the pump have increased in line with the price of crude, which climbed above $100 per barrel on Thursday as Iran launched attacks on oil facilities across the Middle East, despite the release of global petroleum reserves intended to stabilize markets.

“The United States is the largest Oil Producer in the World, by far, so when oil prices go up, we make a lot of money,” the president wrote on Truth Social.

“BUT, of far greater interest and importance to me, as President, is stoping an evil Empire, Iran, from having Nuclear Weapons, and destroying the Middle East and, indeed, the World. I won’t ever let that happen!”

While the US is the top global crude producer, prices are influenced by global markets and supply chains, with some products coming from refineries overseas.

The rise in gas prices poses a political liability for Trump as primaries have begun ahead of the November midterm elections, when his Republican allies will be defending their small majorities in the Senate and House of Representatives.

Democrats have placed concerns about the cost of living at the center of their pitch to voters, and routinely lambast Trump for pursuing hostilities against Iran that they argue fail to meet his campaign promise of lowering prices.

“President Trump should end this stupid war now and bring down gas prices for the American people,” Don Beyer, a Democratic congressman from Virginia, said in response to Trump’s post.

“Fortunately for his big oil donors though, Trump doesn’t mind your pain at the pump since they are going to ‘make a lot of money’.”