Sen. Chuck Schumer (D-N.Y.) is not impressed with President Donald Trump's handling of rising gas prices. As renewed U.S. strikes against Iran push oil prices higher, Schumer took to X on Wednesday to share a clip of Trump responding to questions about the military campaign and its impact on fuel costs.
Schumer Says 'This Is the Best Trump Can Do' as Gas Prices Hit Record August High
MarketDash
As U.S. strikes on Iran push oil prices higher, Schumer slams Trump's response, while Trump insists prices will fall.
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Trump Says Oil Prices Will Fall
In the Oval Office video, a reporter tells Trump that the strikes have pushed oil prices back toward $95 a barrel. Trump's response? Prices "will come down." When asked how long the renewed campaign would last, Trump said, "I don't think too long."
Trump also defended the U.S. position around the Strait of Hormuz, a critical chokepoint for global oil shipments. "We've controlled and we are controlling the Hormuz Strait," he said, adding, "We are bringing lots of boats out every day with millions of barrels of oil."
Schumer Slams Trump Over Gas Prices
Schumer wasn't buying it. In his post, he argued that Americans have been waiting for relief from elevated fuel costs for months.
"For 6 months, Americans have been hearing this from Trump," he wrote. "Gas prices just hit the highest-ever for August, families are begging for relief, and this is the best Trump can do."
The numbers back him up. According to the American Automobile Association, the national average for regular gasoline hit $4.1203 a gallon on Wednesday, up from $3.1869 a year earlier. California drivers are feeling the most pain at $5.7369 a gallon, followed by Washington at $5.4373 and Hawaii at $5.4157.
Gerber, Hassett Addressed Iran War Impact
Schumer isn't the only one criticizing the administration's approach. Last month, investor Ross Gerber slammed Trump over the Iran war, saying rising oil prices and borrowing costs were increasing pressure on the White House. Gerber said Trump had "no business starting a war" and argued Iran knew Trump had "no support for his war going into an election."
On the other side, National Economic Council Director Kevin Hassett acknowledged that fuel prices were "higher than we would like" because of the Iran conflict. He said steps had been taken to lower prices once the Gulf situation was resolved and attributed persistent grocery-price pressures to earlier inflation.
Iran Conflict Escalates
The backdrop to all this is an escalating conflict. On Tuesday, the U.S. reportedly adopted a "tanker for tanker" policy against Iran, striking two Iranian government tankers and about 100 targets. Iran condemned the attacks, while roughly 40 ships transited the Strait of Hormuz under U.S. military guidance.
Iranian President Masoud Pezeshkian said Tehran would immediately reciprocate if Washington returned to its commitments under a June agreement. He also said Iran remained open to negotiations and that war served no one's interests.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by MarketDash editors.
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