Trump Blames Refinery Disruptions for Rising Gas Prices Amid Political Tensions

President Trump has argued that disruptions to oil refineries, rather than the closure of the Strait of Hormuz, are the primary driver behind the recent surge in gasoline prices. In a post on Truth Social, Trump claimed that refinery issues, including attacks on Russian refineries by Ukraine and closures of U.S. refineries in Democratic-led states like California, are contributing to the rise in gas costs. He suggested that the Strait of Hormuz is no longer a significant factor, as record numbers of oil barrels are reportedly being transported through the strait.

Tom Kloza, chief petroleum analyst at Gulf Oil, partially agreed with Trump’s assessment but noted that the cost of crude oil from the Persian Gulf has increased significantly due to insurance, freight, and risk premiums. He pointed out that even though oil is flowing through the Strait of Hormuz, the added costs from potential attacks and instability are still impacting prices. Kloza noted that crude oil prices have surged from $1.75 per barrel in February to $33 per barrel.

Trump also highlighted the impact of Ukrainian military strikes on Russian refineries, claiming that these attacks have caused Russia to lose control of its diesel oil industry. The Ukrainian Defense Ministry asserted that it has disabled 51 percent of Russia’s oil refining capacity, leading to a severe fuel crisis in the country. Trump has been involved in efforts to end the Russia-Ukraine war, with U.S. special envoys Steve Witkoff and Jared Kushner leading negotiations that include a multibillion-dollar deal benefiting Middle Eastern business executives.

As the November midterm elections approach, stubbornly high gas prices have become a significant political issue. Many Republican incumbents and candidates are calling for an end to the conflict with Iran to alleviate the pressure on gas prices, which have reached a national average of $4.37, with diesel prices averaging $6.53.