Trending Now - Trump Shifts Stance on Gas Prices Amid Rising Costs

WHO:

President Donald Trump

Chris Wright, Energy Secretary

Goldman Sachs, investment bank

Oxford Economics, consultancy

Karoline Leavitt, White House press secretary

Joe Brusuelas, chief U.S. economist at RSM

WHAT:

President Trump shifted his stance on gas prices, stating, "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."

National average gas prices increased from $2.30 a gallon to $3.60 a gallon, a rise of more than 50%.

Trump announced the U.S. would release 172 million barrels of oil in coordination with other countries to stabilize prices.

The global crude oil benchmark price reached $100 a barrel.

Chris Wright falsely claimed that the U.S. Navy had escorted a tanker through the Strait of Hormuz.

The White House may waive Jones Act requirements to facilitate the movement of goods between U.S. ports.

WHERE:

Strait of Hormuz

Washington, D.C.

WHEN:

The statements and events occurred on March 10th, 2026 (Thursday), March 7th, 2026 (Monday), and March 8th, 2026 (Tuesday).

Trump’s State of the Union address was in February 2026.

The conflict with Iran began in early March 2026.

WHY:

The rise in oil and gasoline prices was caused by the conflict with Iran.

Trump’s political interests are at odds with rising gas prices ahead of the November 2026 midterm elections.

HOW:

Trump’s administration is coordinating with other countries to release oil to lower prices.

The U.S. Navy's presence is claimed to ensure the safety of the Strait of Hormuz, despite being identified as a danger zone.

(UPDATED March 13, 2026 01:27 UTC)

President Trump has shifted his stance on rising gas prices, emphasizing that the United States, as the largest oil producer in the world, stands to benefit financially when oil prices increase. In light of the national average gas price jumping from $2.30 to $3.60 a gallon, Trump announced a coordinated release of 172 million barrels of oil with other countries to help stabilize prices, while the global crude oil benchmark hit $100 a barrel. Additionally, the White House is considering waiving Jones Act requirements to facilitate the movement of goods between U.S. ports amidst ongoing tensions in the Strait of Hormuz.