politics
Trump Predicts Gas Prices Will Fall Rapidly After Iran War Ends
President Trump stated that high gas prices will decrease quickly once the war with Iran ends, as Americans face national averages exceeding $4.39 per gallon. Oil prices have surged, with Brent crude reaching recent highs, contributing to inflation concerns. Gold prices in Asia have fallen 12 percent amid reduced expectations for interest rate cuts.
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President Trump said gas prices “will go down rapidly” when the Iran war ends. The national average price for a gallon of gas stood at more than $4.39, up nine cents since Thursday, according to AAA. CBS News reported that Trump linked the current rise directly to the ongoing conflict.
Trump bet on a quick Iran oil crunch, stating that the country’s oil pipelines will soon “explode” from within due to backed-up supplies. The Washington Post reported that energy experts doubt this outcome, noting that Iran retains substantial unused storage capacity. Politico reported Trump’s prediction of a quick crunch.
The war has driven oil prices higher. Brent crude futures for July rose nearly one percent to $111.41 per barrel on Friday. Oil prices have climbed for four straight months. CBS News reported that no Iran war peace deal is in sight.
Gold prices fell as oil rose and the Federal Reserve maintained a hawkish stance. South China Morning Post reported that gold dropped 12 percent from $5,247.90 per troy ounce on February 27 to $4,620 on Friday morning. The metal had hit an all-time high of $5,602 on January 28.
According to KITCO, gold rose 65 percent from $2,624 on January 2 last year to $4,339.65 on December 31. South China Morning Post attributed the decline in gold to revived inflation concerns linked to high energy prices, which also make interest-bearing assets more appealing and reduce the likelihood of central bank rate cuts.
