U.S. President Donald Trump expects oil prices to decline following the November midterm elections, suggesting that the drop could begin shortly after the vote.
Speaking to reporters at Andrews Air Force Base on Wednesday, Trump said oil prices would fall after the elections, although he acknowledged that the decline could take somewhat longer to materialize.
Trump Predicts Gasoline Prices Below $2
Trump also predicted a sharp decline in U.S. gasoline prices, saying the average price could eventually fall below $2 per gallon, compared with approximately $4.22 per gallon currently.
He linked his expectations for lower energy prices to developments surrounding the ongoing war with Iran, which he also expects could come to an end after the midterm elections.
Trump Says Iran War Could End After Elections
Trump said he believes Iran will not be able to sustain the conflict for much longer and expects the war to end after the November elections.
His comments come as global energy markets face heightened volatility. Oil prices recently climbed more than 3%, with Brent crude rising above $100 per barrel for the first time since July, amid continued military escalation and exchanges of strikes between the United States and Iran in the Gulf region.
The timing of any potential end to the conflict, as well as its impact on oil and gasoline prices, remains uncertain and will depend largely on developments in the coming weeks and their effect on global energy markets.
