Trump Says Refinery Disruptions, Not Hormuz, Are Driving Gasoline Prices Higher
Summary
- Trump said the main cause of the recent rise in gasoline prices was disruptions to refinery operations.
- It said disruptions to refining activity in Russia and the Middle East tightened global petroleum product supply, leaving US refining margins at high levels.
- Trump said the Strait of Hormuz is no longer a factor pushing up gasoline prices and argued that refinery closures are the problem.
Forecast Trend Report by Period
President Donald Trump said recent gasoline price increases are being driven mainly by refinery disruptions, arguing that the Strait of Hormuz is having less impact as crude shipments through the waterway rise.
Writing on Truth Social on Oct. 5, Trump said the Strait of Hormuz is "no longer" what is pushing gasoline prices higher and that record amounts of oil are coming out almost every day.
Instead, he blamed refinery disruptions. Trump said Russian refineries have been hit by Ukrainian attacks and that refineries are being shut in Democrat-led parts of the US, including California.
According to the US Energy Information Administration, disruptions to refining activity in Russia and the Middle East tightened global supplies of petroleum products in the third quarter, leaving US refining margins for gasoline, diesel and other fuels at elevated levels.
JH Kim
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