Americans have spent an extra $24 billion on gas in just two months thanks to rising prices from Trump's Iran war

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16. MaddowBlog-2 months later, Trump's boast about 'stabilizing' oil prices looks ridiculous

The president still hasn’t explained what in the world he was talking about, or why those undefined moves failed so badly.

It was two months ago today when Trump boasted, “Yesterday, my administration announced decisive action to help keep down the oil prices.” He quickly added that prices “have pretty much stabilized.”

Today seemed like a good day to revisit that quote.
www.ms.now/rachel-maddo...

— Steve Benen (@stevebenen.com) 2026-05-05T17:06:39.673Z

https://www.ms.now/rachel-maddow-show/maddowblog/trump-gas-prices-iran-boast-two-months

“Yesterday, my administration announced decisive action to help keep down the oil prices,” the Republican declared. Moments later, he went on to say oil prices “have pretty much stabilized.”

It was never altogether clear what “decisive” actions the president was referring to, but two months later, it’s painfully clear that those mysterious moves failed to “pretty much stabilize” prices. MS NOW reported:

The average price for a gallon of gas in the U.S. reached $4.46 [on Monday] as the standstill in the Strait of Hormuz continues to strain global energy markets. The average price for one gallon of diesel fuel topped $5.64, according to national averages tracked by AAA.

A day later, that national average inched higher, reaching $4.48 per gallon, while the average for diesel climbed to $5.66.



An analysis published by Bloomberg News described the recent trend as the sharpest spike in pump prices in at least three decades, and while the president has continued to insist that prices will plummet after the war, the fact remains that (a) it’s far from clear when the conflict will be over; and (b) dozens of energy sites throughout the Middle East have been struck as part of the war; wells have to be reopened; and some infrastructure will have to be rebuilt, all of which will take time.....

As for Trump, in March, he tried to pitch the public on the idea that higher prices were a good thing — a line that proves so foolish that even he didn’t repeat it — which gave way to the president saying in April that gas prices were “not very high.”

His latest line, offered on Tuesday morning, argued that higher prices at the pump are “a very small price to pay,” which is easy for him to say given he doesn’t have to worry about paying those prices.

As for the “decisive” actions he claims to have taken two months ago, that he said “pretty much stabilized” prices, Trump still hasn’t explained what in the world he was talking about, or why those undefined moves failed so badly.