Trump Admits "High Oil Prices Could Persist Until November Midterm Elections"

U.S. President Donald Trump has acknowledged that high oil prices could persist until the midterm elections in November this year. As living costs and inflation continue to rise in the United States, there are predictions that this could further weaken the positions of President Trump and the Republican Party.

U.S. President Donald Trump is holding a press conference at Joint Base Andrews near Washington D.C. on the 12th (local time). Photo by Reuters Yonhap News

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In an interview with Fox News' "Sunday Morning Futures" on the 12th (local time), President Trump was asked whether oil and gasoline prices would drop before the midterm elections. He replied, "I hope so," but added, "They might go up a little more, but overall they will probably remain at about the current level."

President Trump was also asked whether the decision to blockade the Strait of Hormuz could lower oil prices. He answered, "Eventually, they will go down," but noted, "Initially, that might not be the case." He went on to say, "Once all of this is over, the stock market will go even higher," referencing a rise in the Dow Jones index. He also remarked, "Honestly, gasoline prices haven't risen as much as I expected," and emphasized, "But even if they have gone up, we must stop Iran from obtaining nuclear weapons."

After launching a war against Iran on February 28, President Trump described the subsequent spike in domestic gasoline prices as a "temporary phenomenon." He has maintained this position ever since. Even after international oil prices surpassed $100 per barrel on the 8th of last month, he insisted this was "a very small price to pay for peace and security." He criticized those who disagreed with his view that oil prices would sharply decline once the Iranian nuclear threat is eliminated, calling them "fools."

His remarks came as the peace talks in Pakistan broke down and President Trump announced the blockade of the Strait of Hormuz by U.S. forces. The United States and Iran held 21 hours of discussions but failed to narrow their differences over the core issues of Iran's control of the Strait of Hormuz and the handling of highly enriched uranium.

Recently, President Trump's political standing has weakened due to the surge in energy prices caused by the war. According to GasBuddy, a U.S. fuel price data provider, the price of gasoline in the United States surpassed $4 per gallon in April. Sixty-nine percent of Americans said they were concerned about rising energy prices due to the war, and among them, 45% answered they were "very concerned." The University of Michigan consumer sentiment index also fell to an all-time low earlier this month.

The impact has also been confirmed by official indicators. The U.S. Department of Labor announced that last month's Consumer Price Index (CPI) rose by 3.3% year-on-year and by 0.9% compared to the previous month. The monthly increase was the largest since June 2022, and on an annual basis, it was the highest since May 2024. By category, energy prices surged by 10.9%, with gasoline prices jumping 21.2%, driving the overall index increase.

The Democratic Party has intensified its attacks, focusing on rising prices. Senator Mark Warner (Democrat, Virginia) criticized President Trump's reasoning in an interview with CNN, stating, "I don't understand President Trump's logic about how closing the strait can suddenly make it possible to reopen it," and warned, "Energy prices will remain at record levels not for weeks, but for months or even years."

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