President Donald Trump has frequently highlighted falling gas prices during his tenure, citing specific examples such as gas prices dropping below $2.30 a gallon in Corpus Christi, Texas, and as low as $1.85 in other locations, which he attributed to his administration's policies [1]. However, following the launch of the U.S. and Israeli attack on Iran, Trump's messaging shifted. On social media, he stated that rising oil prices are beneficial for the United States due to its status as the world's largest oil producer, claiming, 'we make a lot of money' when oil prices increase [1].
The conflict with Iran has triggered a significant rise in gas prices. One day after the attack, the average price of gas was $2.94 per gallon, according to GasBuddy. By Thursday, prices had climbed to $3.61 per gallon, marking a 23% increase [1]. Trump did not specify who benefits from these higher prices, but the article notes that oil companies are profiting while American consumers face higher costs at the pump [1].
Trump contrasted these developments with his previous criticism of former President Joe Biden, noting that gas prices reached $5 per gallon during Biden's term but had fallen to $3.09 when Biden left office [1]. At a rally in North Carolina, Trump emphasized the savings his supporters experienced due to lower gas prices under his administration [1].
In his recent post, Trump justified the war with Iran as necessary to prevent Iran from developing nuclear weapons, asserting that this objective is of greater importance than the financial gains from rising oil prices [1]. Prior to the conflict, the White House projected that reduced gas prices would save motorists $11 billion in 2026 compared to the previous year [1].
CONCLUSION
The U.S. and Israeli attack on Iran has led to a sharp increase in gas prices, reversing the trend of falling prices previously touted by President Trump. While oil companies benefit from higher prices, American consumers face increased costs. The market impact is high, with significant implications for both the energy sector and household expenses.