President Donald Trump stated that fuel prices are not high compared to past levels, even though the conflict with Iran has caused gas costs to rise. Some Americans are frustrated with how the Trump administration is handling the situation.
Trump made these remarks to reporters, following a Reuters/Ipsos poll indicating that 60% of Americans disapprove of U.S. military actions against Iran. Many believe that gas prices will continue to climb.
As of June 10, the AAA reported the average price for regular gasoline at $4.15 per gallon. This is a decrease from $4.26 the previous week and from $4.52 the month before. However, last year at this time, the price was $3.12 per gallon.
Blockades in the Strait of Hormuz have restricted oil supply globally. Gas prices increased nearly 40% since the conflict began. The Labor Department showed that gas prices jumped 7% in May after increases of 5.4% in April and 21.2% in March.
“The numbers were great,” Trump stated, in response to a Consumer Price Index report revealing 4.2% inflation for May. “I love the inflation. You know why?”
Trump explained that the U.S. has been extracting millions of barrels of oil from Iran to help decrease fuel costs. He remarked last month that Americans’ financial struggles were minor compared to the threat of Iran developing a nuclear weapon. He asked for patience, suggesting prices would not remain high for long.
Public skepticism over potential price reductions was evident. The Reuters/Ipsos survey showed 59% of Americans expect gas prices to worsen within a year because of the conflict. Approximately 83% of Democrats, 61% of Independents, and 34% of Republicans cited this belief.
The heightened gas prices have negatively impacted perceptions of the economy in 2026. The University of Michigan’s consumer sentiment index dropped to its lowest point in May since tracking began over 70 years ago. According to Joanne Hsu, Director of Surveys of Consumers, 57% of participants believe high prices are harming their finances.
Although fuel prices have reduced since last month due to potential de-escalation in the Middle East and reports of tankers exiting the gulf, uncertainty remains.
“A lot of oil is coming out of the Hormuz strait,” Trump told reporters after an NBA finals game. “The price is not very high, relatively speaking. It’s lower than during the Biden administration, and he wasn’t stopping a country from having a nuclear weapon.”
The price of crude oil fell to $90.30 by June 10, from $117.60 in April, a month after the war began. Although still high, this is below the March 2022 peak of $130.50 per barrel following Russia’s invasion of Ukraine, another event that impacted the global oil supply.
Contact Rachel Barber at [email protected] and follow her on X @rachelbarber_. Subscribe to her newsletter “Making More of Your Money” for more insights.
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