US President Donald Trump expressed his lack of worry regarding increasing fuel costs amidst the ongoing conflict with Iran. Trump assured that global oil markets possess sufficient supply, suggesting any price surge would be temporary. Speaking aboard Air Force One, he described the conflict as a short-term operation and downplayed concerns about its economic repercussions.
Trump viewed the military campaign as a necessary but delayed intervention that previous presidents had avoided for decades. He anticipated a short-term reaction in oil markets but believed they would swiftly stabilize. Emphasizing ample global oil supply, Trump highlighted the significant oil reserves in the United States and worldwide.
Responding to queries on stabilizing energy markets during the conflict, Trump hinted at potential US actions. He mentioned the possibility of additional measures to alleviate pressure on global energy markets if required. Trump also acknowledged the option of utilizing the Strategic Petroleum Reserve based on market conditions.
Critically, Trump criticized the prior administration for depleting US emergency oil stockpiles, vowing to replenish them at an appropriate time. Addressing concerns about shipping through the vital Strait of Hormuz, Trump noted the impact on global oil trade due to its significance in transporting one-fifth of the world’s petroleum supply.
