WASHINGTON — President Trump told The Post on Monday that he has “a plan” to tackle surging oil prices caused by the war with Iran and that people would be “very happy” — sending oil prices tumbling nearly 30% from the day’s highs.
“I have a plan for everything, okay?” Trump said in a brief phone interview Monday on the 10th day of the joint US-Israeli war with Iran. “I have a plan for everything. You’ll be very happy.”
Trump did not provide details, but he has a variety of options, including releasing oil from strategic reserves.
The US is urging the G7 group of western democracies to collectively release 300 million to 400 million barrels of oil — or more than a quarter of current reserves — CNBC reported Monday.
Energy ministers from the group — which includes Canada, the UK, France, Germany, Italy and Japan — will discuss the plan Tuesday after initial talks Monday involving finance ministers.
The president last week sought to calm markets by offering warship escorts and a new reinsurance program to entice companies to risk transiting the Persian Gulf — while boasting that Iran’s entire navy is on the seafloor.
The precise impact of Trump’s efforts on trading is unclear.
The cost per barrel of Brent crude oil spiked to $119.50 — 65% higher than the pre-war price — on Monday morning before sliding downward both before and after Trump voiced confidence in fuel stability.
The cost per barrel settled below $90 Monday afternoon — still much higher than $72.48 on Feb. 27, the day before the conflict began.The average cost of gasoline in the US was $3.478 on Monday, according to AAA — up more than 57 cents from $2.902 one month ago before the war.
The cost of energy has a significant pass-on effect on other goods, which Trump is scrambling to prevent after tamping down inflation to an annual rate of just 2.4% in January.
Trump regularly boasts about lower gas prices on his watch and touted his energy policies Feb. 27 during a visit to Corpus Christi, Texas — hours before the initial attack on Iran.
On stage, Trump boasted about how he received commitments from “our new friend and partner, Venezuela” to send 80 million barrels of oil to the US — after the president ordered a daring Jan. 3 raid to capture socialist strongman Nicolas Maduro.
“Since my inauguration, US oil production is now up by 600,000 barrels a day. Natural gas production is at an all-time record high by far. And today, right here in Corpus Christi, the price of gasoline is down to just less than actually now $2.30,” he said.
Since the US-Israeli attack on Iran, Trump has tried to shore up shipments out of the Persian Gulf.
About a fifth of the world’s daily petroleum exports transit the Strait of Hormuz, a narrow body of water touching Iran.
To entice companies to allow their ships to make a break for it, the Treasury Department and the U.S. International Development Finance Corporation on Friday announced a reinsurance initiative that would cover $20 billion in losses to any company whose ship sinks in transit.
“We are confident that our reinsurance plan will get oil, gasoline, LNG, jet fuel, and fertilizer through the Strait of Hormuz and flowing again to the world,” DFC CEO Ben Black said in a statement.
Last Tuesday Trump wrote on Truth Social that “if necessary, the United States Navy will begin escorting tankers through the Strait of Hormuz, as soon as possible” — calming oil markets.
Iran is a major oil producer and the conflict has brought to a near-halt its heavily sanctioned shipments, as well as those from oil-rich Persian Gulf countries, including Saudi Arabia and the United Arab Emirates, which must traverse the Strait of Hormuz abutting the war zone.
Iran has put oil tanker crews on notice that they can’t expect to transit risk-free — after the Islamic Republic targeted civilian infrastructure, including airports and pipelines in regional countries.
Iranian Ministry of Foreign Affairs spokesman Esmail Baghaei told CNBC Monday that “as long as the situation is insecure, I think all tankers, all maritime navigation, must be very careful.”
Data from Starboard Maritime Intelligence indicate that many aren’t willing to take that risk.
Just seven ships transited the Strait of Hormuz on Friday — following six on Thursday and 16 on Wednesday.
That compares to an average of 153 ships per day ahead of the attack.
In his interview with The Post, Trump brushed off a separate and unrelated transport concern involving wait times at US airport security checkpoints caused by a lapse in Department of Homeland Security funding that began on Feb. 14.
“It’s already been addressed. It’s been addressed,” Trump said, without providing additional detail on the airport delays. “We’re moving people out rapidly — rapidly.”
TSA spokeswoman Lauren Bis said in a Sunday afternoon statement that major airports were logging massive delays — with wait times approaching three hours at some locations — because “Democrats are shamelessly playing politics with national security.”
As of Sunday, wait times hit 165 minutes at Houston Hobby Airport, 60 minutes at both Hartsfield–Jackson Atlanta International Airport and Louis Armstrong New Orleans International Airport, 51 minutes at George Bush Intercontinental Airport in Houston and 47 minutes at Charlotte Douglas International Airport.Trump also told The Post that he’s “not happy” with Iran’s choice for a new supreme leader, after the US-Israeli military mission killed longtime leader Ali Khamenei, 86, last week.
