Trump Shifts Stance on High Gas Prices Amid Iran Conflict

The president's team struggles to reopen the Strait of Hormuz, causing oil and gas prices to spike.

Mar. 12, 2026 at 10:39pm

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Since starting a war with Iran, President Donald Trump has pivoted from focusing on keeping energy prices low to painting high oil prices as a positive. This about-face comes as Trump's team has struggled to offer a clear plan for opening up the critical Strait of Hormuz, which has caused oil and natural gas tankers to be stranded. The flip-flop shows Trump's political interests at home are suddenly at odds with his desire to flex America's muscles on the global stage.

Why it matters

The rising gas prices could influence voters in the upcoming November midterm elections, creating pressure for Trump to end the conflict with Iran prematurely. Economists warn that higher oil prices will lead to increased inflation, slower growth, and higher unemployment.

The details

Trump initially bragged about gas prices at $2.30 a gallon in his State of the Union address, but those prices have since soared more than 50% to a national average of $3.60 a gallon. The president has given a series of contradictory messages about his plans to address the issue, including claiming the Strait of Hormuz 'is going to remain safe' and then threatening Iran with 'military consequences' if it placed mines in the strait. The administration has also considered releasing oil from strategic reserves and waiving Jones Act requirements to try to stabilize prices.

  • In his State of the Union address last month, Trump had bragged about gas prices at $2.30 a gallon.
  • Gas prices have since soared more than 50% to a national average of $3.60 a gallon, according to AAA.

The players

Donald Trump

The President of the United States who has shifted his stance on high gas prices amid the conflict with Iran.

Chris Wright

The U.S. Energy Secretary who briefly posted a false claim that the U.S. Navy had escorted a tanker through the Strait of Hormuz.

Karoline Leavitt

The White House press secretary who said the administration may waive Jones Act requirements to use U.S.-flagged ships to move goods between U.S. ports.

Joe Brusuelas

The chief U.S. economist at the consultancy RSM who said the coordinated release of oil from strategic reserves is unlikely to bring down oil prices, but may only stabilize the market.

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What they’re saying

“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.”

— Donald Trump (Truth Social)

“Such a move will slow rather than stop rising oil prices and offer a temporary salve to the searing burn of rising gasoline prices.”

— Joe Brusuelas, Chief U.S. Economist, RSM

“It'll happen relatively soon, but it can't happen now. We're simply not ready. All of our military assets right now are focused on destroying Iran's offensive capabilities.”

— Chris Wright, U.S. Energy Secretary (CNBC)

What’s next

The administration is considering additional steps to try to stabilize oil and gas prices, including potentially waiving Jones Act requirements and coordinating with other countries to release oil from strategic reserves. However, experts warn these measures are unlikely to significantly bring down prices in the short term.

The takeaway

The conflict with Iran has put President Trump in a difficult political position, as his desire to project American power globally clashes with the domestic political consequences of rising gas prices. This highlights the complex tradeoffs and challenges facing policymakers when dealing with geopolitical conflicts that impact the economy.