Trump Admits War with Iran Might Send Gas Prices Up
President Donald Trump recently made a surprising statement during a rally in Las Vegas. He claimed that his ongoing war against Iran might actually lead to higher gas prices, despite his previous efforts to bring them down.
In an apparent attempt to downplay the economic impact of the conflict, Trump said: 'When oil goes down, and it's going to go down very rapidly and is already happening, we may have to send it up again, we may have to -- you know what happens when we send it up.'
This admission was met with criticism from experts who argue that the war will not lead to lower gas prices. Dr. Ed Gresser, Vice President and Director for Trade and Global Markets at the Progressive Policy Institute, stated: 'I would guess that yes, destruction of Iranian (and some other) energy facilities in the Persian Gulf area will have at least a medium-term effect keeping prices for crude oil and chemical fertilizer high.'
Dr. Robert Shapiro, who served as a top economic adviser to President Bill Clinton, also weighed in on the issue. He said: 'Even if hostilities do not restart, the price of oil will not return to pre-Trump levels because there’s a new risk premium that they could restart at any time.'
White House spokeswoman Taylor Rogers responded by saying that the US energy dominance status has positioned it to not rely on the free flow of oil through the Strait of Hormuz.