Donald Trump on Thursday downplayed the economic impact of rising gas prices amid the ongoing conflict in Iran, stating on social media that increased oil prices benefit the United States financially. The comments came as the national average for a gallon of gas reached $3.60, marking the largest price spike since the beginning of Russia’s invasion of Ukraine in 2022.
Trump Claims US Benefits from Higher Oil Prices
“The United States is the largest Oil Producer in the World, by far, so when oil prices go up, we make a lot of money,” Trump wrote on Truth Social. The rise in gas prices is seen as a potential political liability for the former president as primaries begin ahead of the November midterm elections, where his Republican allies are defending their majorities in the Senate and House of Representatives.
Costs at the pump have increased in line with the price of crude oil, which climbed above $100 per barrel on Thursday following Iran’s attacks on oil facilities across the Middle East. This increase occurred despite the release of global petroleum reserves intended to stabilize markets.
Financial Toll of Iran Conflict
Pentagon officials have informed lawmakers that the cost of the conflict with Iran has already exceeded $11.3 billion in its first six days, though the true financial impact is likely much higher, according to sources familiar with the matter.
Other Developments
A US military refueling aircraft crashed in western Iraq on Thursday with at least five people onboard. US Central Command stated the incident did not result from hostile or friendly fire, and a rescue effort is underway.
In Louisiana, a congressional candidate endorsed by Trump is facing accusations of rape from 2007. The campaign has denied the allegations, calling them “categorically false.”
Eswatini announced it has received four additional “third country” deportees from the US as part of a deal initiated during the Trump administration, bringing the total number of deportees sent to Eswatini to 19.
Trump also stated that Iran should not participate in the upcoming World Cup, reversing a previous statement where he welcomed their participation despite the ongoing conflict.
A review by the Guardian revealed that US defense secretary Pete Hegseth has expressed strong antipathy toward Iran for years through various media appearances and publications.
Catching up? Here’s what happened Wednesday 11 March.
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