Donald Trump is painting the high oil prices as a positive thing. Since the Iran war began, there has been a sudden spike in oil and gas prices. Trump, who bragged about low gas prices just last month, now seems happy about high oil prices.
Taking to Truth Social, the POTUS wrote on Thursday, “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.” Then he added, “BUT, of far greater interest and importance to me as President, is stopping an evil Empire, Iran, from having Nuclear Weapons, and destroying the Middle East and, indeed, the World. I won’t ever let that happen!”
His comments come as the Trump administration struggles to devise a plan to reopen the critical Strait of Hormuz, allowing stranded oil and gas tankers to pass. The POTUS’s comments on the matter have been quite contradictory.
Trump: “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.” pic.twitter.com/EUYVH1SAfB
— Aaron Rupar (@atrupar) March 12, 2026
On Monday, during a press conference, he claimed that the Strait of Hormuz “is going to remain safe” in the presence of the U.S. Navy and insurance for tankers. However, by that time, it was already identified as a danger zone.
On Tuesday, he threatened that if Iran places mines in the Strait of Hormuz, they would face “Military consequences” that would be “at a level never seen before.” Then, Trump said that the U.S. military had successfully destroyed Iran’s mine-laying ships.
Meanwhile, as the Strait of Hormuz remained a danger zone, global crude oil price jumped to $100 a barrel. On Wednesday, analysts at the consultancy Oxford Economics said, “The swings in Brent crude oil prices over the past several days are eye-catching, and odds are volatility will remain because of the absence of a timeline for when the conflict will deescalate and when the Strait of Hormuz, which is effectively closed, will see traffic begin to recover.”
.@POTUS: “I’m pleased to report that earlier today, the @IEA agreed to coordinate the release of a record 400 million barrels of oil from various national petroleum reserves… which will substantially reduce the oil prices as we end this threat to America…” pic.twitter.com/ItoVwniFiu
— Rapid Response 47 (@RapidResponse47) March 11, 2026
It comes after Trump’s Energy Secretary Chris Wright posted on Wednesday that the U.S. Navy had successfully escorted a tanker through the Strait of Hormuz. However, later, he deleted the claim. Meanwhile, the Department of Energy announced that Trump has authorized the release of 172 million barrels from the US Strategic Petroleum Reserve. ABC News reported the release is an effort to lower gas and oil prices amid the ongoing conflict with Iran.
However, Joe Brusuelas, the chief US economist at the consultancy RSM, has said, “Such a move will slow rather than stop rising oil prices and offer a temporary salve to the searing burn of rising gasoline prices.”
