President Trump recently highlighted oil refinery disruptions as a key factor in the surging gas prices, minimizing the role of Iran’s Strait of Hormuz closure during the U.S.-Israeli conflict. Trump remarked on Truth Social that while record numbers of oil barrels are being produced, issues with refineries are pushing gas prices up. He blamed Russia-Ukraine tensions for impacting not only Russian refineries but also suggested political decisions in U.S. states like California.
Gulf Oil’s chief petroleum analyst, Tom Kloza, described Trump’s comments as partially accurate. He noted that crude oil prices from the Persian Gulf soared to $33 per barrel from $1.75 in February. This increase accounts for factors like insurance, freight, and risk premiums, with threats in the strait impacting prices.
Trump previously posted about Ukraine’s military strikes on Russian refineries, claiming significant damage to Russia’s diesel industry. Ukraine’s Defense Ministry claimed responsibility for disabling a large portion of Russia’s refining capacity, further exacerbating fuel shortages.
The ongoing conflicts in Russia and Iran have severely disrupted energy exports, affecting gas price averages. Iran’s closure of the strait has pushed U.S. gas prices to an average of $4.37 per gallon, significantly up from last year’s $3.13. Diesel prices have also surged.
Efforts led by U.S. envoys Steve Witkoff and Jared Kushner aim to end the Russia-Ukraine conflict. These discussions involve substantial deals that may benefit Middle East business figures connected to the negotiators, according to The New York Times.
With upcoming midterm elections, gas prices have become a critical concern. Many Republicans insist that resolving the conflict with Iran is essential to lowering these costs.
Rachel Frazin contributed to the reporting.
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