President Donald Trump said on April 23 that Americans may have to deal with higher gas prices “for a little while,” as the conflict with Iran continues despite an extended ceasefire.
During a press conference in the Oval Office, Trump was asked whether Americans should anticipate higher fuel costs for the foreseeable future. He did not specify a timeline but signaled it could last for some time.
Trump suggested that the situation could ultimately yield results that safeguard Americans’ safety by preventing Iran from having nuclear weapons, which could otherwise be used “to blow up one of our cities or blow up the entire Middle East.”
“I have to be honest, the stock market is at an all-time high right now. I thought it would have been down 20, 25 percent,” the president told reporters.
“I thought oil would go up to maybe $200 a barrel. And oil is a very different number than anyone thought. In fact, this country is much lower because we have all the oil we can use.”
Fuel prices have risen sharply since U.S.–Israeli military operations against Iran began on Feb. 28, and Tehran retaliated by firing missiles and drones at Israeli and U.S. assets across Gulf nations.
The national average price for a gallon of regular gasoline was $4.05 on Wednesday, up from $3.97 the previous month. The gas price was $3.17 per gallon a year ago, according to the American Automobile Association (AAA).
AAA data show the average national price for a gallon of diesel climbed to $5.46 on Wednesday, up from $5.59 a week before. The price was $5.34 last month and $3.56 a year ago.
“I think the conflict will end, I think gasoline prices will come back to where they were or perhaps lower,” Bessent told the Senate Appropriations Committee.
The initial ceasefire, which began earlier in April, was due to expire this week. Prior to the extension, Trump said that a U.S. delegation would head to Pakistan for another round of peace talks with Iranian officials, which Tehran rejected.
