2 months later, Trump’s boast about ‘stabilizing’ oil prices looks ridiculous

Exactly two months ago, on the sixth day of the war in Iran, Donald Trump hosted a White House event intended to honor a championship soccer team, though the president took some time to comment on an issue on the minds of many.

This Video Is Trending Right Now →

“Yesterday, my administration announced decisive action to help keep down the oil prices,” the Republican declared. Moments later, he went on to say oil prices “have pretty much stabilized.”

It was never altogether clear what “decisive” actions the president was referring to, but two months later, it’s painfully clear that those mysterious moves failed to “pretty much stabilize” prices. MS NOW reported:

The average price for a gallon of gas in the U.S. reached $4.46 [on Monday] as the standstill in the Strait of Hormuz continues to strain global energy markets. The average price for one gallon of diesel fuel topped $5.64, according to national averages tracked by AAA.

A day later, that national average inched higher, reaching $4.48 per gallon, while the average for diesel climbed to $5.66.

Chart: Carson Elm-Picard / MS NOW; Source: AAA

An analysis published by Bloomberg News described the recent trend as the sharpest spike in pump prices in at least three decades, and while the president has continued to insist that prices will plummet after the war, the fact remains that (a) it’s far from clear when the conflict will be over; and (b) dozens of energy sites throughout the Middle East have been struck as part of the war; wells have to be reopened; and some infrastructure will have to be rebuilt, all of which will take time.

As for the politics, the White House and its allies appear to have no idea what to tell the public about this. House Majority Leader Steve Scalise appeared on CNBC last week, for example, and tried to argue that gas prices are lower now than they were in 2024.

“People will remember that two years ago, we were paying almost $6 a gallon for gas,” the Louisiana Republican said. “Right now, it’s $3.”