Trump says oil and gas prices won't fall until after midterm election
President Trump stated that high oil and gas prices, driven by the ongoing conflict with Iran, will likely remain elevated until after the midterm elections. He also suggested that the conflict itself is being influenced by political actors seeking to affect the election outcome.
Why it matters
The intersection of geopolitical conflict and domestic economic concerns like inflation is a central issue for voters ahead of the midterm elections.
President Donald Trump on Wednesday said energy prices that have been elevated due to the Iran war will not come down until after the midterm elections , which are nearly two months away.
"Right after the election, oil prices are going to be tumbling downward," Trump told reporters at Joint Base Andrews before heading to Texas for the Republican Party's midterm convention.
He had been asked how he plans to explain to Americans why oil prices have just soared to highs not seen since the early weeks of the war. Global benchmark Brent crude futures on Wednesday traded above $101 per barrel for the first time since July, while U.S. West Texas Intermediate futures surpassed $96 per barrel at session highs.
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