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Trump Dismisses $4.53 Gas Surge as “Peanuts” Amid Iran Threat

5/21/2026

41 3 Full Breakdown

Center

Trump Dismisses Gas

President Donald Trump called the gasoline price surge “peanuts” while stressing the need to stop Iran acquiring a nuclear weapon.
At a May 19, 2026 White House briefing, gasoline hit $4.53 per gallon as the BLS reported a 3.8% annual price-index rise.
Analysts said gasoline may hit $5 per gallon if the Strait of Hormuz stays closed.
Consumers used apps, cut trips, rode buses and queued for giveaways in Los Angeles and Chicago.

Left

Trump Dismisses Gas

Long-distance commuters and retirees report staying home and canceling family visits because gas prices have surged.
U.S. President Donald Trump called the gasoline price rise ‘peanuts’ and urged halting Iran’s nuclear ambitions.
CNN poll found 21% approve Trump’s gas response and 75% say Iran conflict hurts finances.
Administration released SPR oil, waived Jones Act, invoked Defense Production Act, and paused Russian sanctions.

History

Historical Context

The October 1973 Arab oil embargo, led by OAPEC members such as Saudi Arabia, halted U.S. shipments and drove world oil prices up nearly 300 percent, prompting President Nixon to sign the Emergency Petroleum Allocation Act authorizing emergency controls. Decades of strategic reserves and price-cap policies trace back to that shock, shaping today’s 2026 price surge amid Strait-of-Hormuz tensions.

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Trump Dismisses Gas

President Donald Trump called the gasoline price surge “peanuts” while stressing the need to stop Iran acquiring a nuclear weapon.
At a May 19, 2026 White House briefing, gasoline hit $4.53 per gallon as the BLS reported a 3.8% annual price-index rise.
Analysts said gasoline may hit $5 per gallon if the Strait of Hormuz stays closed.
Consumers used apps, cut trips, rode buses and queued for giveaways in Los Angeles and Chicago.

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