In the wake of the U.S. attack on Iranian nuclear facilities, President Trump on Monday urged “everyone” to keep oil prices down.
“EVERYONE, KEEP OIL PRICES DOWN. I’M WATCHING! YOU’RE PLAYING RIGHT INTO THE HANDS OF THE ENEMY. DON’T DO IT!” Trump said on Truth Social.
Oil is traded on a global market, and the energy produced in not only the U.S. but around the world including Iran, Russia and Saudi Arabia contribute to the prices Americans pay at the pump.
Prices have spiked in recent days amid escalations between the U.S. and Iran — and gasoline prices were up an average of 8 cents compared to a week ago, according to AAA. The $3.22 average price was still well below highs in 2022, when the national average was as high as $5 per gallon.
Iranian state media reported Sunday that Tehran is considering a closure of the Strait of Hormuz, through which much of the world’s oil supply flows, threatening further price increases.
Trump also wrote on social media calling on the Department of Energy to drill quickly.
“To The Department of Energy: DRILL, BABY, DRILL!!! And I mean NOW!!!” he added on Truth Social.
The Energy Department is primarily a research and funding agency — and is also tasked with maintaining the nation’s nuclear weapons stockpile.
Unlike many countries, the U.S. does not have a state-run oil company, so the government cannot make the unilateral decision to try to drill.
It is up to private companies whether they want to produce oil in the U.S., though some government agencies such as the Interior Department can try to make it more attractive to drill on public lands.
Presidents have relatively little influence on oil and gasoline prices generally.
Alex Gangitano contributed.
