The price of oil remains above $100 per barrel, and gasoline prices are at four-year highs.
President Donald Trump said on April 30 that gasoline prices would plummet once the war with Iran ends, even as U.S. drivers face the highest pump prices in four years amid ongoing disruptions to global oil supply.
Speaking during a press event in the Oval Office, Trump linked elevated fuel costs directly to the ongoing conflict and the continued closure of key shipping routes, while expressing the conviction that ample global supply would quickly push prices lower once unrestricted crude transit resumes in a post-war environment.
“The gas will go down. As soon as the war’s over, it’ll drop like a rock,” Trump said. “There’s so much of it, it’s all over the place, sitting all over the oceans of the world.”
Trump said previously that Americans may need to deal with higher gasoline prices “for a little while” as the conflict continues, but insisted Thursday that prices would “go down rapidly” once hostilities subside.
He also said that the economic impact would be far greater if Iran were to acquire and use a nuclear weapon, telling reporters in the Oval Office that, under such a scenario, “the whole world is a different place.”
A key demand on Trump’s part has been for Iran to abandon its nuclear ambitions, including relinquishing its stockpile of highly enriched uranium, something the regime in Tehran has so far refused to do.
Iranian leader Mojtaba Khamenei on April 30 vowed to defend the country’s nuclear and missile programs, describing them as national assets.
Prices Surge as Oil Stays Above $100
Fuel prices continue to climb, driven by elevated crude oil costs and supply disruptions linked to the Iran war.
According to American Automobile Association data released April 30, the national average price for regular gasoline rose to $4.30 per gallon, up 27 cents in a week and more than $1 higher than a year ago. The organization said prices are now at their highest level since July 2022, as oil trades above $100 per barrel with no indication of when the Strait of Hormuz will fully reopen.
By Tom Ozimek
