Trump predicts oil and gas prices will drop after midterm elections
President Donald Trump said energy prices elevated by the Iran conflict are unlikely to fall until after the November midterm elections, adding that the war could end shortly thereafter.
President Donald Trump told reporters at Joint Base Andrews that oil and gas prices, which have risen amid the ongoing conflict with Iran, are expected to decline only after the November midterm elections. He said the war would end "immediately after the election" and suggested that Iran is attempting to influence the vote.
Trump linked the price surge to the war, noting that Brent crude futures had risen above $101 a barrel and U.S. West Texas Intermediate futures had topped $96 a barrel. He said the United States could explain the situation to Americans by asking whether they would allow Iran to acquire a nuclear weapon, to which he answered "no."
The president also claimed that record-high gasoline prices would not fall below $2 per gallon until after the midterms, adding that the decline might take longer than the election date. He reiterated on social media that oil prices would "drop precipitously" once the United States wins the war.
Fuel analyst Patrick De Haan of GasBuddy expressed skepticism about the forecast, saying there are no guarantees that prices will fall after the election.
The U.S. military reported destroying ten Iranian tankers in the past week, while Iran's Revolutionary Guard claimed responsibility for attacks on oil tankers in the Persian Gulf.