Trump Says Gas Prices Will Drop 'Tremendously' and Inflation Could Hit 1.5% Once THIS Happens

Amid the ongoing US-Iran war and rising gas prices, and rising gas prices, President Donald Trump said that prices will drop "tremendously" once the Strait of Hormuz reopens.

Ahead of the U.S.-China summit, Trump said the administration was ready to take whatever steps were necessary to manage rising crude oil prices. He also said inflation would go "way down" once the situation with Iran was resolved.

In an interview with Fox News, Trump said the U.S. might continue policy initiatives to stabilize the global oil supply, including exemptions related to sanctioned Russian oil exports.

While speaking to Fox News, Trump was asked whether he would extend the waiver on sanctioned Russian oil to help ease crude prices. Trump said, "We're going to do whatever is necessary, and as soon as this war is over, which will not be long, you're going to see oil prices drop and see a stock market, which is already at the highest point in history, go through the roof."

According to Al Jazeera, in mid-March, the United States had eased sanctions on Russian oil amid supply disruptions caused by the closure of the Strait of Hormuz. The relief was set to end on April 11 but was later extended through May 16.

Trump also said the country was entering a "golden age," predicting that inflation would drop after oil shipments resumed.

He said, "You're going to see the Golden Age of America, frankly, and you're seeing it now. So as soon as this is, don't forget, you have hundreds of ships that are loaded up with oil that want to come out. As soon as they come out, we're going to have a gusher of oil and you're going to have inflation that goes way down."

Before departing for China, Trump compared current inflation levels with those of the Biden administration and said the rate could decrease to about 1.5 percent after the war ends.

He said, "Inflation is much lower than it was under Biden. Biden had the highest inflation in the history of our country. Inflation is nothing by comparison, but our inflation is just short-term. Because if you go back to just before the war, we were at 1.7% for the last three months. As soon as this war is over, you're going to see inflation go down to probably 1.5%."

Many users on X reacted to Donald Trump's latest remarks that the gas prices will drop "tremendously". One user wrote, "You can't honestly believe this! The Strait will not open because Israel will not let Trump get out of the war. Guess it only costs 300 million from the Addlsons to buy American foreign policy."

Another commented, "Gas prices will drop TREMENDOUSLY"? Average gas prices have actually soared over 50% to $4.52/gallon since the war began in February. Telling us the "gusher" is coming while the Strait of Hormuz is "effectively closed" is like promising a pool party during a drought."

"Gas prices should have never risen in the first place. We didn’t ask for Trumps war. We shouldn’t have to pay for it", stressed one more user.