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Trump says price of oil, gas ‘could be’ down, ‘the same or maybe a little bit higher’ by the midterms

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by Tara Suter - 04/12/26 3:31 PM ET

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by Tara Suter - 04/12/26 3:31 PM ET

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President Trump said Sunday that the prices of oil and gas could drop, stay even or go “maybe a little higher” by this year’s midterm elections in comments that follow his announcement that the U.S. military would start blockading ships looking to enter the Strait of Hormuz.

“So, do you believe the price of oil and gas will be lower before the midterm elections?” Fox News’s Maria Bartiromo asked Trump in an interview on “Sunday Morning Futures.”

“I hope so. I mean, I think so, it could be, it could be, or the same or maybe a little bit higher, but it should be around the same,” Trump responded.

“I think this won’t be that much longer,” the president added, talking about the U.S. conflict against Iran. “They’re wiped out, Maria, they’re wiped out.”

On Sunday, Trump announced that the U.S. military would start blockading ships looking to enter the Strait of Hormuz, a key waterway for the oil industry. The strait has been essentially closed since the beginning of the U.S. conflict against Iran. Iran has also recently charged a toll on ships looking to pass through the strait.

The average price for a gallon of regular gas in the U.S. is currently about $4.13, up from around $3.60 last month at the same time, according to AAA.

“Effective immediately, the United States Navy, the Finest in the World, will begin the process of BLOCKADING any and all Ships trying to enter, or leave, the Strait of Hormuz,” the president said on Truth Social.

In recent months, Democrats have sought to use the issue of affordability against Republicans, with Trump campaigning on bringing down costs in 2024. The issue has continued to plague Trump and Republicans going into the midterms, with more than 30 percent of surveyed Trump voters saying late last year that cost of living was the worst in living memory.

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