Trump says gas prices will come 'crashing down' after Iran war
FollowTrump says gas prices will come 'crashing down' after Iran warGreta Cross, USA TODAY Tue, May 5, 2026 at 2:51 PM UTC2 min readAdd Yahoo as a preferred source to see more of our stories on Google.
President Donald Trump expects gas prices to come down quickly after the war with Iran.
During a news conference on May 4, Trump said he expects the price of gasoline to drop "substantially" following the end of the Iran war.
"I see it going down very substantially when this is over, I think very rapidly too, at levels that you've never seen because there's a lot of energy out there, ships all over the world that are loaded up with it," Trump said. "They can't do much with it because they got kidnapped by a pretty evil place. But we're taking care of it."
AdvertisementAdvertisement
Earlier, on May 1, Trump said gas prices would "come crashing down as soon as this war is over."
President Trump gives update on gas prices, expecting a substantial drop after the Iran war.
On May 5, the national gas price average rose to $4.48, up from $4.18 last week, according to AAA. California had the highest gas prices in the U.S., with drivers paying up to $6.13 on May 5, AAA reported. Oklahoma had the cheapest prices, with an average of $3.9 on May 5.
Will it get worse? Gas prices rising in all 50 states as average nears $5
Though talks of ceasefire are in the works, tensions rose after the U.S. launched "Project Freedom," an effort to unilaterally reopen the Straight of Hormuz, on May 4.
AdvertisementAdvertisement
On May 4, Iran launched attacks on the United Arab Emirates and the U.S. sank six small Iranian boats, which were targeting commercial vessels near the Straight of Hormuz, Adm. Brad Cooper, commander of U.S. Central Command, said. Iran also launched missile and drone strikes on the UAE, sparking a blaze at an oil facility and leaving three people injured.
The Tesla Model X is the fastest selling used hybrid or electric car, according to iSeeCars.com. It spends an average of 25.6 days on the market.
The Lexus 350RXh is the second fastest selling used hybrid or electric car, according to iSeeCars.com. It spends an average of 27.6 days on the market.
The Honda Civic Hybrid is the third fastest selling used hybrid or electric car, according to iSeeCars.com. It spends an average of 29.6 days on the market.
The Lucid Air is the fourth fastest selling used hybrid or electric car, according to iSeeCars.com. It spends an average of 31.6 days on the market.
The Tesla Cybertruck is the fifth fastest selling used hybrid or electric car, according to iSeeCars.com. It spends an average of 33.3 days on the market.
The Tesla Model Y is the sixth fastest selling used hybrid or electric car, according to iSeeCars.com. It spends an average of 34.6 days on the market.
The Mazda CX-50 is the seventh fastest selling used hybrid or electric car, according to iSeeCars.com. It spends an average of 38.7 days on the market.
The Tesla Model S is the eighth fastest selling used hybrid or electric car, according to iSeeCars.com. It spends an average of 39.1 days on the market.
The Toyota Camry hybrid is the ninth fastest selling used hybrid or electric car, according to iSeeCars.com. It spends an average of 39.5 days on the market.
The Toyota Grand Highlander Hybrid is the tenth fastest selling used hybrid or electric car, according to iSeeCars.com. It spends an average of 40.1 days on the market.
Tesla is retiring the Model X. See photos of the iconic car1 of 10
The Tesla Model X is the fastest selling used hybrid or electric car, according to iSeeCars.com. It spends an average of 25.6 days on the market.
Why did gas prices go up? Charts explain as they near $4.30
Why are gas prices so high?
Over the past few weeks, the U.S. and Iran have been conducting naval blockades of the Straight of Hormuz, in which a quarter of the world's seaborne oil supply passes through.
Through the U.S. is the world's top oil-producing country and doesn't import much oil from the Middle East, crude oil is a globally-traded commodity and its prices are affected by the global market.
AdvertisementAdvertisement
And regardless of global impacts, U.S. gas prices typically peak between April and June when refineries switch to a more expensive "summer blend" of gasoline, which functions better in warm weather.
How are gas prices set?
According to the U.S. Energy Information Administration, the price you see at the pump is composed of the following:
Crude oil pricing: 51%
Refining costs: 20%
Federal and state taxes: 18%
Distribution and marketing: 20%
For diesel, the price is broken down by:
Crude oil pricing: 41%
Distribution and marketing: 24%
Refining costs: 18%
Federal and state taxes: 17%
Contributing: Keith Laing, Ramon Padilla, Carlie Procell, Daniel de Visé and Ahjané Forbes, USA TODAY
AdvertisementAdvertisement
Greta Cross is a national trending reporter at USA TODAY. Story idea? Email her at gcross@usatoday.com.
This article originally appeared on USA TODAY: Trump's gas price update reveals when he expects a substantial drop
View commentsAdvertisement - About Our Ads
- About Our Ads
Source: “AOL Money”
