United States President Donald Trump said he is not concerned about rising fuel prices in the United States following attacks on Iran and Iranian retaliatory strikes across the Middle East. In an interview with Reuters, he said the military operation remains his priority.
“I have absolutely no concern about that,” he said when asked about higher prices at fuel stations. “They will go down very quickly once this is over. And if they go up, let them go up. This is much more important than gasoline going up a little bit.”
Oil prices rise since start of war
Oil prices on international markets have increased by 16% since the war began on Saturday.
In the United States, the average price of petrol has risen by 27 cents compared with the previous week, reaching 3.25 dollars per gallon, according to the American Automobile Association. The average price is also 15 cents higher than last year.
Trump said the prices “have not increased very much”.
Strategic reserves and Hormuz Strait
In the interview with Reuters, Trump said he is not considering releasing part of the US strategic oil reserves.
He also expressed confidence that the Strait of Hormuz, the strategically important sea route for oil transport off the coast of Iran, will remain open, saying that the Iranian fleet is “at the bottom of the sea”.
Debate over duration of military operation
The US president recently referred to a timeline of four to five weeks for the military operation against Iran.
However, political and military analysts have questioned this estimate, noting that the US administration has not yet clarified the final objective of the operation as the conflict spreads across the Middle East.
Potential political impact
Analysts say that if fuel price increases persist for a long period, they could affect the Republican Party in the November midterm elections, in which control of the US Congress is at stake.
Voters are already expressing dissatisfaction with the high cost of living and with the economic policies of the Trump administration.