'Drop like a rock': Trump's latest oil prediction comes with a condition

WASHINGTON, DC: President Donald Trump said on Monday, September 14, that oil prices will “drop like a rock” after the military conflict with Iran ends, renewing his prediction of a sharp decline.

Trump tied current price increases to former President Joe Biden while arguing prices are falling and oil remains a temporary exception.

The president made the claim in a Truth Social post, saying the conflict with Iran “will not be long.”

Trump renews his oil price prediction

The claim echoes remarks Trump made in the Oval Office in June, when he said prices would fall after the Iran war was resolved. 

He also said millions of barrels of oil were being exported from the Middle East.

Trump has repeatedly linked the end of the conflict to lower energy prices, according to ABC News. 

In June, he also dismissed price concerns raised by a government report, saying, “No, I love it. The numbers were great.”

“You know what I really love? I love the inflation,” Trump added.

In Monday’s post, Trump said the price increases Americans have faced were caused by Biden and his administration, not his own presidency.

He also argued that oil prices are already lower than they were under Biden.

“I hope everyone realizes that price increases throughout America were caused by Sleepy Joe Biden and the Biden Administration, not by ‘TRUMP,’” Trump wrote.

He added, “With the temporary exception of Oil, prices are coming down sharply,” before again tying the energy market to the conflict’s conclusion.

White House acknowledges temporary disruptions

The White House has acknowledged that the conflict could cause temporary disruptions while arguing that other prices have declined.

White House spokesperson Kush Desai acknowledged “temporary disruptions” from the war with Iran in June but described the report as a win for the administration, as per the outlet.

Desai pointed to a decline in prescription medicines, dairy products, cars, health insurance, and auto insurance.

“Prices of prescription medicines, dairy products, cars, as well as both health and auto insurance continue to decline thanks to the Trump administration’s policymaking,” Desai said.

“The Administration will continue pushing our affordability agenda to enable Americans to keep more of their hard-earned money,” he added.

Trump’s June remarks also included his explanation for why he expected prices to fall after the conflict.

“You know why? Because as soon as this war is over, you know I can say it now...you know we've been taking out millions of barrels of oil,” Trump said.

President Trump also claims credit for falling prices

Trump has also sought to claim credit for falling prescription medicine prices, as per the Guardian. 

In August, the White House circulated an image of Trump holding a Washington Post headline saying d**g prices had recorded their sharpest drop in more than 60 years, the outlet reported.

The White House shared the photograph on its official accounts with the caption, “POV: you bring the receipts,” while former Press Secretary Karoline Leavitt also shared the image.

The image was one of several taken during an August photo-op when Trump approached reporters with a printout of the headline and the article’s first five lines, waving the page around and urging the press pool to record and photograph it.