President Trump said spiking short-term oil costs triggered by Operation Epic Fury is a “very small price” to pay for peace.
Trump posted on Truth Social Sunday that prices would “drop rapidly” once the “destruction of the Iran nuclear threat is over.”
Oil prices have surged as Operation Epic Fury enters its second week – with the price of Brent crude oil spiking at almost $120 per barrel before falling back to $106.23.
Shipping through the Strait of Hormuz – a vital artery which sees around 20% of the world’s global supply of oil pass through daily – has ground to a near-halt, escalating fears of rapid price hikes.
The average cost for a gallon of gasoline stands at almost $3.48, according to the American Automobile Association, but Trump said the short-term consequences of sharp energy spikes are a “very small price” when it comes to the broader objective of peace.
“Short term oil prices, which will drop rapidly when the destruction of the Iran nuclear threat is over, is a very small price to pay for U.S.A., and World, Safety and Peace,” he said.
“ONLY FOOLS WOULD THINK DIFFERENTLY!”
Last week, the national average for a gallon of regular gasoline jumped by 27 cents to an average of $3.25, according to American Automobile Association.
“The last time the national average made a similar weekly jump was back in March of 2022 during the start of the Russia/Ukraine conflict,” the organization said.
California, Washington and Hawaii were the top 3 states with the most expensive gasoline markets, according to the AAA.
Energy Secretary Chris Wright echoed Trump by saying rising energy costs will be a short-term consequence of Operation Epic Fury.
“We have a temporary period of elevated energy prices, but it will not be long,” he told CBS News’ “Face the Nation” Sunday.
Wright went on to claim the operation in Iran would deliver an “era of even lower energy prices.”
He claimed that Iran would no longer be able to threaten neighboring countries and the US.
Wright claimed “not doing anything” would pose a risk to energy prices, and said he doesn’t expect gas prices to go higher than what they already are.
“The president’s going to continue to stay focused on ending a 47-year conflict, stay focused on growing the global energy supply,” he said.
“This is actually part of that effort. It does involve a temporary impediment to energy production, but on the other side, it will allow much more energy production and much lower energy prices.”
Wright stressed there are no shortages to oil or natural gas and previously claimed prices would come down in “weeks” rather than months.
“There’s no energy shortage at all in the Western Hemisphere,” he said.
Wright and Mike Waltz, the US Ambassador to the United Nations, issued a waiver that allows Indian purchases of Russian oil, designed to reduce pressure on the global energy market.
“It’s a 30-day pause to allow, which is just kind of common sense, to allow the millions and millions of barrels of oil that are sitting out on ships to go to Indian refineries,” Waltz told “Meet the Press.”
With Post Wires.
