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In a Fox News interview earlier this week, President Donald Trump appeared to acknowledge that the war on Iran he started in late February would have economic consequences, including higher gas and oil prices for the foreseeable future.
While higher prices are detrimentally affecting millions of Americans at gas pumps across the country, Trump — who campaigned on lowering costs to below $2 per gallon on regular grade gasoline — seemed to shrug off the idea that the situation was a big deal, even if prices go up more than they already have.
Host Maria Bartiromo asked Trump during the interview, “Do you believe the price of oil and gas will be lower before the midterm elections?”
“I hope so,” Trump responded. “I mean, I think so, it could be, it could be, or the same or maybe a little bit higher, but it should be around the same.”
Trump also said he believed the increase in prices “won’t be that much longer,” claiming Iran had been “wiped out” and implying that prices would return to normal once the war came to an end.
Trump, himself a billionaire, didn’t seem too fazed during the interview by the idea of prices remaining high or going higher.
The cost of regular grade gas, as of Tuesday morning, was above $4.11 per gallon on average across the country. One week before the war in Iran started, the cost was around $2.93 per gallon.
Despite campaigning on lowering costs, regular grade gasoline prices have increased by around 32 percent since Trump was inaugurated.
While the president suggested that prices could stabilize or return to normal following the war’s end, his own administration has produced reports that suggest otherwise — that prices will remain above pre-war levels for the remainder of 2026, and possibly through much (or all) of next year.
As reported by Truthout last month, Energy Information Administration (EIA) projections in March stated that gas prices will stay around $3.34 per gallon, on average, for the remainder of the calendar year, and around $3.18 per gallon for 2027. An updated version of that report released last week increased those projections to around $3.70 per gallon, on average, for the rest of 2026, and $3.46 per gallon for 2027.
Prices will likely go higher, too, under the current EIA model, the agency said.
“We forecast retail gasoline prices to peak at a monthly average of close to $4.30 per gallon in April,” the report explained.
Americans are becoming increasingly anxious over the rising costs of gas. According to a recent Pew Research poll, 69 percent of Americans say they are either “extremely concerned” or “very concerned” about rising gas prices as a result of Trump’s decision to go to war with Iran.
If the war is prolonged and gas prices continue to climb, it will also likely affect prices on consumer goods overall — potentially much more so than the 3.3 percent inflation that has occurred over the past year.
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