President Trump says oil and gas prices won’t come down until “right after” the midterm elections, as affordability issues remain top of mind for American voters.
“Right after the election, oil prices are going to be tumbling downward,” Trump told reporters Wednesday before traveling to Dallas, where he is set to give the keynote speech at a Republican midterm convention.
He also vowed that the war with Iran will end “immediately after the election.”
The comments came as Americans have been dealing with stubborn inflation, high interest rates and rising prices at the pump.
Economic issues have become a major concern ahead of the high-stakes November elections, as Republicans are hoping to hold onto their narrow majorities in the House and Senate.
When pressed by reporters on how long he expects the war with Iran to last, Trump said Wednesday: “They can’t hold out any longer.”
But he also suggested that Iran is eager for the president to see unfavorable midterm election results.
“They’re desperate to try and affect the election, so that we can get a nice weak group of people in there, and leave them alone and let them have their nuclear weapon,” he said.
Brent crude oil futures on Wednesday surged above $100 a barrel for the first time since July. National average gasoline prices remained stubbornly above $4 a gallon and continued to climb.
Stocks fell as investors grew concerned that renewed hostilities in the Middle East could continue to disrupt supplies through the Strait of Hormuz – keeping oil prices elevated, driving inflation higher and potentially swaying the Federal Reserve to hike interest rates next week.
Treasury yields also surged after the Treasury Department announced plans to buy $6 billion worth of government debt – a plan that disappointed traders, who were doubtful the buybacks could meaningfully lower long-term yields.
Consumer sentiment plunged to 51.7 in August, according to the University of Michigan’s monthly survey. That’s better than the all-time lows reached earlier this year amid the war with Iran, but still a hefty 11% drop compared to the same time last year.