May 7, 2026, 5:22 a.m. MT
As Americans continue to pay more at the pump, President Donald Trump is doubling down the cost of fuel will drop quickly after the conflict with Iran comes to an end.
The cost of a gallon of gas is $4.558 as of Thursday, May 7 — about a 40-cent increase in a month and more than a dollar from a year ago.
A few days earlier, in a news conference on May 4, Trump said he expects the price of gasoline to drop “substantially” following the end of the Iran war, reported USA TODAY.
“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.”
Earlier, on May 1, Trump said gas prices would “come crashing down as soon as this war is over.”
In an interview with Fox News, U.S. Treasury Secretary Scott Bessent also said gas prices would fall once the war in Iran came to a close.
“We are cognizant that this short-term blip up in prices is affecting the American people, but I am also confident, on the other side of this, prices are gonna come down very quickly,” Bessent told Fox News.
Iran war update today
Iranian officials are reviewing a U.S. framework for peace talks after Trump again threatened to resume airstrikes on the Middle Eastern country unless it agrees to a deal that would reopen the Strait of Hormuz, reported USA TODAY.
“If they don’t agree, the bombing starts, and it will be, sadly, at a much higher level and intensity than it was before,” Trump said on social media on Wednesday. He has not described the American proposal.
“Assuming Iran agrees to give what has been agreed to, which is, perhaps, a big assumption, the already legendary Epic Fury will be at an end, and the highly effective Blockade will allow the Hormuz Strait to be OPEN TO ALL, including Iran,” Trump wrote.
Oil prices today
U.S. crude oil plunged by as much as 15%, to $88 per barrel, and international Brent crude oil fell as much as 11%, to $96 per barrel on May 6, as reported by CNBC, though prices rose to about $95 a barrel by Thursday morning.
Are gas prices going to go down?
Trump said that once the war with Iran is over, prices at the pump will drop “substantially.”
USA Today contributed to this story.
Natassia Paloma may be reached at npaloma@gannett.com, @NatassiaPaloma on x; natassia_paloma on Instagram, and Natassia Paloma Thompson on Facebook
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