President Donald Trump Claims Gasoline Prices Will "Drop Like a Rock" When the Iran War Ends, but He's Completely Missed the Bigger Picture
President Donald Trump claims gasoline prices will "drop like a rock" once the war with Iran concludes. Despite these promises and executive actions to increase oil and coal production, diesel futures are rising and diesel prices remain high. Current gasoline costs are approaching averages seen during the Biden administration, creating a political liability for Trump ahead of the midterms. While Ukraine's attacks on Russian refineries have not affected US gas prices, global supply efforts have failed to lower diesel costs.
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- ✓ Donald Trump has stated that gasoline prices will "drop like a rock" when the Iran war ends.
- ✓ Diesel futures are increasing, signaling future price hikes.
- ✓ Diesel prices remain high despite attempts to increase global supplies.
What changed
Reports indicate diesel futures are jumping and gasoline prices are nearing Biden-era averages despite Trump's claims.
Live updates
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Trump Predicts Gas Prices Will "Drop Like a Rock" After Iran War
President Donald Trump claims gasoline prices will "drop like a rock" once the war with Iran concludes. Despite these promises and executive actions to increase oil and coal production, diesel futures are rising and diesel prices remain high. Current gasoline costs are approaching averages seen during the Biden administration, creating a political liability for Trump ahead of the midterms. While Ukraine's attacks on Russian refineries have not affected US gas prices, global supply efforts have failed to lower diesel costs.
Why it matters
Fuel prices have become a primary source of voter anger leading into the US midterms. This volatility occurs alongside a period of high returns for the Dow Jones Industrial Average, S&P 500, and Nasdaq Composite.
What is confirmed
- Donald Trump has stated that gasoline prices will "drop like a rock" when the Iran war ends.
- Diesel futures are increasing, signaling future price hikes.
- Diesel prices remain high despite attempts to increase global supplies.
Still unconfirmed
- The Dow Jones Industrial Average, S&P 500, and Nasdaq Composite have delivered outsize annual returns under President Trump.
What to watch next
- Midterm election results regarding voter sentiment on fuel costs
- Updates on the conclusion of the Iran war
- Changes in diesel futures pricing
confidence 80%Sources used for this update (11)
- www.fool.com — Sean Williams - Articles & Analysis | The Motley Fool
- NBC News — Diesel futures jump, signaling higher prices to come despite Trump’s Russia deal
- New York Post — Ukraine’s strikes on Russian oil refineries is not impacting US gas prices: report
- WSJ — Exclusive | Diesel Prices Hold High Despite Efforts to Boost Global Supplies
- Bloomberg.com — Trump Faces Midterm Fuel Reckoning as Gas Prices Near Biden’s Average
- The Motley Fool — President Donald Trump Claims Gasoline Prices Will "Drop Like a Rock" When the Iran War Ends, but He's Completely Missed the Bigger Picture
- theconversation.com — How gas prices became a lightning rod for voter anger ahead of the US midterms
- finance.yahoo.com — President Donald Trump Claims Gasoline Prices Will "Drop Like ...
- grist.org — Trump vowed to stop an ‘energy emergency.’ Then he created a ...
- www.europesays.com — President Donald Trump Claims Gasoline Prices Will “Drop Like ...
- www.webull.ca — President Donald Trump Claims Gasoline Prices Will "Drop Like ...
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