President Donald Trump commented on fuel prices, stating they are “not very high, relatively speaking.” This comes as the Iran conflict has driven gas prices up, causing frustration among some Americans regarding the administration’s handling of the situation.
Trump’s remarks were made to reporters following a Reuters/Ipsos poll showing that 60% of Americans disapprove of U.S. military strikes on Iran. Many also believe fuel prices will continue to climb. On June 10, the average cost per gallon of regular gasoline was $4.15, a decrease from $4.26 the previous week and $4.52 the previous month, according to AAA. Last year at this time, it was $3.12.
Blockades in the Strait of Hormuz have impacted global oil supply. Since the conflict started, regular gasoline prices have surged nearly 40%. In May, gas prices rose 7%, following a 5.4% increase in April and a 21.2% jump in March, based on Labor Department data released June 10.
Trump expressed satisfaction with the Consumer Price Index report, showing inflation reached 4.2% in May. “I love the inflation,” he said, emphasizing the U.S. efforts to extract oil from Iran to help lower fuel prices.
The president previously described Americans’ economic difficulties as minor compared to the risk of Iran developing nuclear weapons, urging patience for reduced prices in the near future. However, many Americans doubt a quick resolution. The Reuters/Ipsos poll reveals 59% expect gas prices to worsen over the next year due to the conflict. This includes 83% of Democrats, 61% of Independents, and 34% of Republicans surveyed.
The rise in gas prices has negatively affected Americans’ economic outlook for 2026. The University of Michigan’s consumer sentiment index fell to its lowest point since its inception over 70 years ago. According to Director Joanne Hsu, 57% of survey participants reported that high prices were impacting their personal finances.
Fuel prices have eased somewhat since last month, with optimism for Middle East de-escalation and reports of tanker movements. Trump noted that “a lot of oil is coming out of the Hormuz strait,” arguing that current prices are relatively low. He compared them to prices under the Biden administration, when no attempts were made to prevent a country from acquiring nuclear weapons.
The cost of a barrel of crude oil reached $117.60 in April, shortly after the conflict began. As of June 10, it stands at $90.30, still high but less so than the March 2022 peak of $130.50 per barrel following Russia’s invasion of Ukraine, which similarly constrained the global oil supply.