Trump says “when oil prices go up, we make a lot of money,” and his energy secretary followed up with a blunt warning

President Donald Trump said the United States benefits when global oil prices rise, as ongoing military operations in Iran are pushing energy costs higher. He made these comments on Thursday, while concerns about fuel prices are growing among Americans.

“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,” Trump posted on Truth Social, according to The Hill. He then added, “BUT, of far greater interest and importance to me, as President, is stopping an evil Empire, Iran, from having Nuclear Weapons, and destroying the Middle East and, indeed, the World. I won’t ever let that happen!”

Brent crude oil, the international benchmark, was trading around $98 per barrel as of 8 AM EDT on Thursday. That is a rise of about 4.7 percent, following a day where prices briefly went above $100 for the second time since military operations began 12 days ago.

Americans will feel the cost of the Iran conflict in their wallets before things get better

Trump also spoke about the Strait of Hormuz, a narrow channel between the Persian Gulf and the Gulf of Oman, through which roughly a fifth of the world’s oil supply passes. The strait has been closed since the conflict began earlier this month. 

Trump told reporters that it is “in good shape,” adding, “We’ve knocked out all of their boats. They have some missiles, but not very many. I think we’re in very good … we’re in very good shape.” For more on how far the Iran military campaign may still go, the conflict is far from settled.

Energy Secretary Chris Wright acknowledged on Thursday that people are likely to feel “short-term pain” from higher energy costs. In a CNN interview, Wright said, “We are defanging Iran’s abilities to threaten American troops in the area, its allies, its neighbors and global energy markets. So yes, you’ve got to go through short term pain to solve a long-term problem.”

This concern about rising prices is already showing up in public surveys. A Reuters/Ipsos poll released on Monday found that 67 percent of respondents expect gas prices to rise over the next year. Only 11 percent thought prices would improve, and 12 percent believed they would stay the same.

The gap between Trump’s view that America profits from higher oil prices and Wright’s admission of “short-term pain” reflects a tension in how the administration is communicating with the public. 

While the U.S. does produce large amounts of oil, higher prices at the pump directly affect millions of Americans every day.  The administration has also been pursuing other economic pressure tactics against imports, adding to the broader financial pressures many Americans are already facing. 

With the Strait of Hormuz still closed and military operations ongoing, energy markets are expected to remain unstable in the near term.  The administration’s position is that dealing with Iran’s nuclear threat is worth the economic cost, even as Americans grow more worried about what they will pay at the gas station.