President Trump said higher oil costs in the short term due to Operation Epic Fury is a “very small price” to pay for peace.
Trump Published on Social Truth Sunday And that prices “will fall rapidly” once “the destruction of the Iranian nuclear threat is over.”
Oil prices rose as Operation Epic Fury entered its second week – with Brent crude rising to nearly $120 a barrel before falling to $106.23.
Shipping through the Strait of Hormuz – the vital artery through which about 20% of the world’s oil supplies pass daily – has been halted, raising fears of a rapid rise in prices.
The average cost of a gallon of gasoline is about $3.48. According to the American Automobile Association, But Trump said the short-term consequences of sharp spikes in energy prices are “a very small price to pay” when it comes to the broader goal of peace.
He said: “Short-term oil prices, which will fall quickly when the destruction of the Iranian nuclear threat ends, are a very small price to pay for safety and peace by the United States and the world.”
“Only stupid people think differently!”
Last week, the national average for a gallon of regular gasoline jumped 27 cents to an average of $3.25. According to the American Automobile Association.
“The last time the national average had a similar weekly jump was in March 2022 during the beginning of the conflict between Russia and Ukraine.” The organization said.
California, Washington and Hawaii were among the top three states with the most expensive gasoline markets, according to AAA.
Energy Secretary Chris Wright echoed Trump by saying higher energy costs would be a short-term consequence of Operation Epic Fury.
He added: “We have a temporary period of higher energy prices, but it will not be long.” On CBS News’ “Face the Nation.” Sunday.
Wright went on to claim that the operation in Iran would lead to “an era of low energy prices.”
He claimed that Iran will no longer be able to threaten neighboring countries and the United States.
Wright claimed that “doing nothing” would pose a risk to energy prices, and said he did not expect gas prices to be higher than they already are.
He added: “The President will continue to focus on ending the 47-year-old conflict, and will continue to focus on developing global energy supplies.”
“This is actually part of that effort. It involves a temporary drag on energy production, but on the flip side, it will allow for much more energy production and much lower energy prices.”
Wright stressed that there is no shortage of oil or natural gas and that previously claimed prices will fall in “weeks” rather than months.
“There is 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 allowing India to buy Russian oil, with the aim of reducing pressure on the global energy market.
“It’s a 30-day pause to allow, which is just kind of common sense, to allow millions and millions of barrels of oil on board ships to go to Indian refineries,” Waltz told “Meet the Press.”
With mail wires.