US President Donald Trump on Tuesday hinted at keeping all options open to help ease rising crude oil prices, while expressing confidence that inflation would decline once the ongoing conflict with Iran comes to an end.
He made the remarks while responding to ANI.
When asked if he would extend the waiver on sanctioned Russian oil in order to help ease crude prices, President Trump told ANI, “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.”
The United States had eased sanctions on Russian oil in mid-March to counteract global oil shortages resulting from the closure of the Strait of Hormuz. While the relief was scheduled to expire on April 11, the timeline was later extended to May 16.
Trump has tapped into America’s Strategic Petroleum Reserve, directed a boost in domestic oil production and loosened American shipping laws. Apart from Russia, Trump has authorised a temporary lift in sanctions on oil from Iran and Venezuela.
Trump further claimed that the US economy was poised for what he described as a “Golden Age,” adding that the inflationary pressures would ease sharply after the conflict. He hinted towards a “gusher of oil” which would eventually result in a lowering of inflation.
“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,” he said.
The US President compared the current inflation rate with that during former President Joe Biden’s tenure and suggested that it could fall further to around 1.5% once the war ends.
“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%,” Donald Trump said.
Speaking to reporters ahead of his departure for China, Trump said the outcome of the deal would be “very good” for both the American and Iranian people.
He also reiterated the claims of decimation of the Iranian military and reaffirmed the call for Iran not to obtain nuclear weapons.
While responding to a media query on Iran, Trump said, “It’s a very simple message: Iran cannot have a nuclear weapon, and they won’t have a nuclear weapon, and that’s 100%. Their Navy’s gone, their Air Force is gone, their anti-aircraft is gone, their radar is gone, their leaders are gone. They’re all gone. Iran will not have a nuclear weapon.”
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