Donald Trump warns U.S. oil and gas companies to avoid increasing prices: “I’M WATCHING!”

Gas prices are starting to tick upward in oil markets as investor concerns over the tensions between Israel and Iran continue to escalate. The West Texas Intermediate, which tracks the price of a barrel of oil produced in the U.S., primarily in Texas oil fields, has seen a 19 percent increase in price over the last month.

So far, drivers have been spared at the pump, with prices nationally rising slightly over the last few weeks. Nevertheless, on Monday morning, President Trump posted a warning to oil and gas producers, refiners, and retailers on Truth Social, stating that he will be monitoring the market to ensure prices do not increase.

President Trump’s message to the oil and gas industry

In all caps, the president wrote: "EVERYONE, KEEP OIL PRICES DOWN. I’M WATCHING! YOU’RE PLAYING RIGHT INTO THE HANDS OF THE ENEMY. DON’T DO IT!"

In a subsequent post, he sent a message to the Department of Energy to boost petroleum production, writing, "To The Department of Energy: DRILL, BABY, DRILL!!! And I mean NOW!!!"

Trump, who ran on a platform of bringing prices for families down, may be starting to realize that his action to support Israel by bombing nuclear sites could lead Iran to retaliate in such a way that global petroleum production and transportation of the energy resources could be disrupted. The White House will be trying to avoid price increases similar to those seen after Russia’s full-scale invasion of Ukraine soaring, which though led by turmoil in energy markets led to price increases across the economy, as transportation costs rose for companies, some of which (and more!) was passed along to consumers.

How Iran cutting off traffic through the Strait of Hormuz could lead to even higher prices

Iran is reportedly considering cutting off shipping through the Strait of Hormuz, which, if implemented, could lead to Brent crude rising above $100 a barrel. Market analysts warn that such a move could result in increased pump prices in the U.S. The Dutch financial giant ING reported on Monday, June 23, that cutting off access through the Strait could cause Brent prices to spike to as much as $120 per barrel in the short term. Prices could ease if U.S. production ramps up quickly, but a prolonged closure of the waterway could push prices toward record highs near $150 per barrel.

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