President Donald Trump stated on Thursday that preventing Iran from developing nuclear weapons is a higher priority than addressing rising oil prices spurred by the ongoing conflict in the Middle East.
“The United States is, by far, the largest producer of oil in the world, so when oil prices go up, we make a lot of money. BUT, as President, what is much more important to me is preventing an evil empire, Iran, from getting nuclear weapons and destroying the Middle East, and maybe the whole world,” the President wrote on his Truth Social platform.
The war, which began on February 28 with U.S. And Israeli strikes against Iran, is disrupting global oil supplies and driving up prices at the pump. Rising energy costs add another layer of economic concern as the U.S. Heads into a key election year.
According to the American Automobile Association (AAA), U.S. Gasoline prices have increased 22% over the past month, averaging $3.60 per gallon (3.78 liters) for regular unleaded.
Prior to the conflict, the cost of living was already a significant concern for American voters ahead of the midterm elections this fall.
In a coordinated effort, the U.S. Government announced Wednesday it would release 172 million barrels from its strategic reserves, representing 40% of the previously stockpiled volume. The move aimed to alleviate soaring energy prices, but failed to calm markets on Thursday. Prices continued to climb as investors worry about a prolonged conflict.
The decision highlights ongoing market volatility as geopolitical tensions escalate in the region.
