Trending Now - Trump Shifts Stance on Oil Prices, Now Sees Benefits in High Costs
WHO:
President Donald Trump
Energy Secretary Chris Wright
Treasury Secretary Scott Bessent
Goldman Sachs (investment bank)
Oxford Economics (consultancy)
White House press secretary Karoline Leavitt
Joe Brusuelas (chief U.S. economist at RSM)
Jimmy Kimmel (television host)
WHAT:
President Trump stated on his social media site, “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. 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!”
Goldman Sachs reported that higher oil prices would cause inflation to be higher, growth to be slower, and the unemployment rate to increase by the end of 2026.
Analysts at Oxford Economics concluded that the swings in Brent crude oil prices are likely to remain volatile due to the absence of a timeline for de-escalation of the conflict.
Energy Secretary Chris Wright acknowledged that the conflict was causing “a significant disruption” in short-term gas prices.
Wright stated, “It’ll happen relatively soon, but it can’t happen now,” regarding the timeline for U.S. Navy escorts of tankers through the Strait of Hormuz.
Oil and gasoline prices have spiked due to the war in Iran.
Trump stated, “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%.
Global crude oil benchmark price reached $100 a barrel.
Trump announced a coordinated release of 172 million barrels of oil with other countries to stabilize prices.
The U.S. Navy was claimed to have escorted a tanker through the Strait of Hormuz, a claim later deleted by Wright.
The Treasury Department announced a license to waive sanctions on Russian oil for one month.
A survey indicated that a third of Americans are skipping meals or cutting back on utilities due to rising costs.
WHERE:
Strait of Hormuz
Washington, D.C.
WHEN:
Trump’s State of the Union address was in February 2026.
The spike in gas prices has occurred over the past 11 days leading up to March 13th, 2026.
The announcement regarding the coordinated oil release was made on March 8th, 2026.
The Treasury Department's announcement was made on March 10th, 2026.
WHY:
The rising gas prices have led a third of Americans to skip meals or cut back on utilities to manage rising costs, as reported by Jimmy Kimmel.
The war with Iran has caused oil prices to rise, prompting Trump to shift his stance on oil prices.
Trump has indicated that high gas prices helped him defeat his predecessor, Joe Biden.
HOW:
Trump’s administration is considering waiving Jones Act requirements to facilitate the movement of goods.
The U.S. military is focused on destroying Iran’s offensive capabilities, affecting the timeline for escorting tankers.
(UPDATED March 13, 2026 17:10 UTC)
Today, President Trump took to his social media site to emphasize the importance of preventing Iran from acquiring nuclear weapons, stating that while the U.S. is the largest oil producer and benefits from rising oil prices, his priority is stopping what he calls an "evil Empire." In related news, Goldman Sachs has warned that higher oil prices could lead to increased inflation, slower growth, and a rise in unemployment by the end of 2026, while Energy Secretary Chris Wright acknowledged significant disruptions in short-term gas prices due to ongoing conflicts. As rising gas prices force a third of Americans to skip meals or reduce utility usage, analysts at Oxford Economics predict that volatility in Brent crude oil prices will continue without a clear timeline for de-escalation.
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(UPDATED March 13, 2026 15:10 UTC)
Oil and gasoline prices have surged dramatically due to the ongoing war in Iran, with the national average gas price jumping from $2.30 to $3.60 a gallon in just over a week. In response, President Trump announced a coordinated release of 172 million barrels of oil with other countries to help stabilize the market, while the Treasury Department recently granted a one-month waiver on sanctions for Russian oil. As a result of these rising costs, a survey revealed that a third of Americans are now skipping meals or cutting back on utilities.