Washington, September 8: US President Donald Trump has claimed that oil and gasoline prices will fall sharply once the United States “wins” its ongoing war with Iran, predicting that petrol prices could eventually drop below $2 a gallon.
In a post on his Truth Social platform on Monday, Trump said oil prices would “drop precipitously” after the conflict ends. He predicted that US gasoline prices would first fall to around $3 a gallon and eventually go below $2.
Trump also linked the expected price decline to his stated objective of preventing Iran from obtaining a nuclear weapon. He said the developments would happen quickly once the United States achieved victory.
Trump’s prediction comes as global energy markets remain under pressure because of disruptions to oil shipments through the Strait of Hormuz, a crucial route for global energy supplies. Shipping through the waterway has slowed significantly amid escalating tensions between Washington and Tehran.
Oil prices, meanwhile, remain far above the levels that would normally be consistent with gasoline below $2 a gallon. Brent crude was around $97 a barrel on Monday, while West Texas Intermediate traded close to $93.
The conflict has reduced oil flows through the Strait of Hormuz and the Red Sea, although alternative export routes and increased production from countries outside the Middle East have helped prevent an even sharper rise in crude prices. Reuters reported that global Middle Eastern oil shipments had fallen substantially, while some supplies continued to move through the Strait.
US motorists are currently paying considerably more at the pump than Trump’s forecast. The national average gasoline price was reported at around $4.15 per gallon over the Labor Day period, meaning a fall below $2 would represent a reduction of more than half.
Trump’s remarks come as the military confrontation with Iran continues and Tehran has threatened further action against US and Gulf energy interests. Iran has also warned that energy infrastructure across the region could be targeted if attacks on its assets continue.
Whether gasoline can actually fall below $2 will depend on several factors, including the duration of the conflict, the restoration of shipping through the Strait of Hormuz, global crude supply, refinery capacity and consumer demand.
For now, Trump’s statement remains a forecast rather than an established outcome, while oil markets continue to closely track developments in the Middle East.
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