Trump shrugs off oil fears amid Iran war
Washington, March 8 (IANS/WISHAVWARTA) US President Donald Trump said he was not concerned about rising fuel prices despite the ongoing war with Iran, arguing that global oil markets have enough supply and that any price spike would be temporary.
Speaking to reporters during a press gaggle aboard Air Force One, Trump described the conflict as a short-term operation and dismissed worries about its economic impact. “No, I’m not worried about gas prices right now,” Trump said.
He characterised the military campaign as a long-delayed intervention. “This is a short excursion into something that should have been done for 47 years. No president had the guts to do it,” he said.
Trump predicted that oil markets might react in the short term but would stabilise quickly. “We figured oil prices would go up… they’ll also come down,” he said.
The president said global supply remained strong despite the conflict in the Middle East. “There’s a lot of oil. Our country has a tremendous amount, and there’s a lot of oil out there,” Trump said.
Trump made the remarks after reporters asked about steps the United States could take to stabilise energy markets as the conflict unfolds. Questions also touched on recent US Treasury moves allowing certain Russian oil sales to continue flowing to India.
Asked whether Washington could take additional measures to ease pressure on global energy markets, Trump said the administration was prepared to act if necessary.
“If there were some, I would do it just to take a little of the pressure off,” he said.
The president said the government could also consider using the Strategic Petroleum Reserve if market conditions required it. “Strategic reserve? Yeah,” Trump said when asked about tapping the reserve.
At the same time, Trump criticised the previous administration for reducing U.S. emergency oil stockpiles. “I filled it up, and he brought it down to the lowest level it’s ever been,” he said.
Trump said the United States would determine when to replenish the reserve depending on market conditions. “We will start at the appropriate time,” he said.
The president also addressed concerns about shipping through the Strait of Hormuz, one of the world’s most important oil transit routes.
“That’s the ship’s choices,” Trump said when asked about reduced traffic through the waterway. He also argued that Iran’s naval capability had already been severely weakened during the conflict.
“We’ve wiped out their Navy. The Navy is now at the bottom of the sea,” Trump said.
The Strait of Hormuz is a critical corridor for global oil trade, carrying roughly one-fifth of the world’s petroleum supply. Any disruption in the region can quickly influence international oil prices.
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