REPORTER: Mr. President, after yesterday's diesel announcement, should the federal gas tax be suspended? TRUMP: Well, we're thinking about that.

The Hormuz Strait, tremendous amounts, millions of barrels of oil has been delivered just over the last couple of days. We're getting it through at levels that were now even and sometimes exceeding prior to the war.

Well, it hurts housing, but the rates are going to come down when the oil comes down. The oil comes down as soon as we finish off with Iran and that's going to be very quickly. We're going to have that taken care of very quickly. Iran is now in desperate condition, as you know, unfortunately for them, but they're in desperate condition. And as soon as that's finished, oil will go down lower than it was before we started.

I think the war is -- when you call it a war, it's a war that's been won from the standpoint of what we have to do. We have to get rid of no nuclear weapons for, as you know, for Iran. Uh, I think when people hear that we've done what other presidents should have done for many years, for -- now we're up to 51 years.

There's no more nuclear weapon threat. They are a mess right now. And what's going to happen will be as soon as that's over, which will be shortly, oil prices are gonna come tumbling down.

And Texas, as you probably heard, is now producing more oil than at any time in its history, and we're distributing that oil all over the world, because when that war ends, it's going to be very soon. It's going to very soon -- they're, uh, a failed nation. They are a failed nation. They got a little spunk left, but not much, not much. We -- you know, we took out more oil out of the Hormuz Strait in the last three nights than at any time in the history of the strait, took out more oil. And just last week, I announced a deal that we reached to build a colossal new natural gas power plant to lower your electricity bills.

And just as I promised, I am ensuring that Iran will never have a nuclear weapon. They will never. They know that. They know that. And we'll be out of there soon and you watch those oil prices come down like a rock and watch everything -- everything else is coming down. Oil is coming down. You know, we pay less in oil -- and we did that whole thing with -- because that was a big operation.

When I went in, I thought it could be much higher than that. But we are paying less than under the Biden administration and he didn't do anything. He gave you the highest inflation in history. He didn't do anything. But you want to see trauma, you want to see problems, and I said it the other day, let them hit a missile into San Diego or Los Angeles on the way.

Oil will drop like a rock as soon as we're finished with the war, which will be very soon. It's going to be very soon. One way or the other, we'll be finished with it. But oil will come down to levels that were, I think, maybe even lower than they were before the war started.

With all of that being said, we don't need their oil. Others need their oil and they need it badly. But we're getting it out and we're getting it out at record levels.

Yet oil shipments from outside of Iran, right now they're back to almost higher than they've ever been. In other words, the Hormuz Strait belongs to the United States Navy and the United States of America. That's where it belongs, and that's where it is right now.

And we're getting along great with Venezuela. We're taking out billions and billions of dollars of oil. We've paid for that voyage, that little voyage we made, many, many times over. You don't hear that much anymore in this country. But to the victor belong the spoils, right?

And I have to say, what's driving up gasoline is really no longer the Strait of Hormuz because record numbers of barrels are coming out of that right now. Right now as we sit, I mean, we're bringing in ship after ship. Every once in a while they throw a little missile. We go, bing, that's the end of the missile. We knock it out. How cool is that, you know?

And my administration's also taking historic action to dramatically lower the cost of gasoline and diesel. It's already, and again, remember this. I stopped them from ever having, how about those B-2 bombers? Bing, that was the end of that. But I stopped them ever from having, and as I said before, our energy, our fuel, our gasoline is less than it was under Sleepy Joe Biden, and he didn't do crap, that guy.

And today I'm announcing another unprecedented step to bring down costs. For many years, farm vehicles, construction equipment, and other off-road vehicles have used what is known as red-dyed diesel. Do you know what that is? I don't know what the hell it is, but whatever it is, it's supposed to be very good. Does anybody wanna explain it? Red-dyed diesel, everybody, which is exactly the same as normal diesel, but is sold tax-free for off, the off-road vehicles and big trucks. So tonight –They, oh, these guys know exactly what I'm talking about. They're gonna be very happy in about two seconds. So tonight I'm going to sign a historic executive order to officially waive the off-road requirement and allow anyone to purchase tax-free red-dyed diesel for any reason.

But the word refineries where Russia's, losing a lot of refineries because of Ukraine, that has to do with a lot of the, diesel that you see where ours is being, think of it, the blue states are closing up refineries. California is closing refineries. Think of it. And they're, I don't even count their oil price because if you do, they're paying two and a half dollars more than anybody else, probably almost in the world, but they're paying two and a, do you know, California has a lot of oil underground? They don't wanna get it. And California has refineries that they close up and they close up their refineries.

But it'll end very quickly, and prices are gonna come down very sharply. You might say, ‘Please, please, sir. It's going down too fast.’ You watch, you watch what's gonna happen in a very short period of time.

So, we'd been in Venezuela for one hour and 48 minutes, took over the largest oil supply outside of our own in the world. Think of that. And even our own. We were number three or four in the world. Now, we're number one. We're twice the size of Russia and Saudi Arabia combined, without Venezuela, without. But they don't talk about Venezuela.

So I was riding in Iowa. I made a speech there, and I passed a gas station, $1.95 a gallon. I passed another station, $1.85 a gallon. We'll have it lower than that in a very short period of time.

But we're gonna have that over with. Then oil is gonna come down lower than it was before.

You know, we're taking out more oil out of the Strait now than we did before the war. And they'll shoot it us a little bit. Their shoot being we knock it down like it's, it's crazy.

And that'll end very quickly, one way or the other very soon, maybe a little after the election, maybe a little before that, but it's gonna end very soon. When that happens, the oil will come tumbling down.

You know, by the way, we're kicking Iran's ass. You do know that, right? And that'll end soon. It's gonna end one way or the other. It's gonna end very soon and your prices are gonna come tumbling. All your prices have been tumbling down. In fact, oil is less than it was under Biden, just so you understand. And we are saving this country from a problem and the Middle East and Israel and everybody. We're saving the world from what could be one of the worst tragedies ever.

Now, one of the problems we have is the refineries in Russia are being hit pretty hard -- having to do with diesel, not regular gasoline, but diesel. So, that's a problem but it's all working out very well. And now Europe is putting up a lot of their diesel. They have big reserves of diesel, they're putting it up, we're putting it up and everybody's working together. And oil prices are coming down and here's the nice part -- Iran will never have a nuclear weapon.

Gasoline prices are going down very rapidly. When the war ends, they'll drop like a rock and the war is going to end very soon. One way or the other, the war is going to end very soon and we're bringing out record amounts of oil, as you know, in the Hormuz Strait, record.

Do you think Ukraine will stop attacks on Russian oil refineries? Have you talked to them? TRUMP: We've talked about it, we have, and I think they're slowing it down. But they are causing a lot of problems. The lack of refineries is the problem; we have tremendous amounts of oil coming out of the hormuz strait. We have that so good, but we have a lack of refineries because of the war having to do mostly with diesel.

But it's all gonna come pouring down as soon as the war's over, which will be very soon and we will not have Iran having a nuclear weapon. And that's gonna be, I, and I say it and I say it proudly, a relatively small price to pay for keeping nuclear weapons out of the hands of a lunatic nation.

Well, we're doing a lot better than that. One thing is we're bringing up $12 billion of subsidy to get in. Where do you do that, the car fuel, the gasoline goes up a little bit. Uh, we also have a contribution from Europe. They're gonna contribute billions of gallons of diesel. They have a lot of diesel. They've had it in Europe. And so we're gonna get it down.

Yeah, I inherited high costs from the Democrats, or the Dumocrats, as I call them, because their policy is so bad. But we inherited a lot, and we've got the prices down. Oil is coming down. Oil is right now lower, and it's been lower than it was under the Biden administration. And they did nothing about the fact that Iran cannot have a nuclear weapon.

REPORTER: Have you come any closer to make your big decision on Iran? TRUMP: We have a decision that I'll make about Iran. Iran's been decimated. So the only question is, it'll either be the easy way or the hard way. We'll have it the easy way or the hard way.

We're great for Venezuela too. They're getting, they, they never thought they could see anything like what's happening. The big oil companies have been put in there by us and we're taking out, we're extracting massive amounts of oil. Billions and billions of dollars a week. Actually billions of dollars a day.

Their economy is down the tubes. They have -- one thing they really do have, it's called inflation. They have about 310 percent inflation and we'll see what happens. But as soon as -- it's going to end very soon, probably right after the election. But as soon as it does end, oil prices will come tumbling down.

But remember about the oil. You're paying a price, but boy, is that a small price than what it would be if these lunatics were allowed to have a nuclear weapon and used it on Mobile, Alabama, okay, not going to happen. And we've had tremendous support. We've really had great support. But you'll see those come down.

Remember though, oil prices now are lower than they were under Biden, and Biden didn't do anything about nuclear weapons. He didn't do anything about anything.

That war is going to be over soon one way or the other. One way or the other, it's going to end very soon, and probably right after the midterms. But it's going to end very soon, and oil's going to come plummeting down lower -- I think maybe even lower than it was when I had it -- I was in Iowa making a speech, and I passed two gas stations. And I noticed -- I look at these crazy things. You know, in the old days, I didn't look so much. Once you become a politician, you tend to look, how much is gasoline at this moment in time. $1.95 and $1.85, right?

Venezuela's been amazing. We've been working with them, and we're taking out billions and billions of dollars of oil, and we're going to be filling up very shortly our strategic reserves for nothing, nothing. We're going to say that oil goes there -- Be amazing. And we have a great relation -- and the people of Venezuela are happy now because it was tremendous land, tremendous value, but it was -- you know, it was a different system. It was a system that they want you to go under, by the way. That's exactly what it was.

Earlier today, I spoke with members of the G7 nations, and I'm pleased to report that we have reached an agreement for Europe to release massive amounts of diesel fuel from their heavily stocked reserves, and that's starting immediately. Great. And the price of diesel is already coming down, but you'll see it come -- but you're going to see all this stuff really come down once we finish off Iran one way -- by the way, one way or the other, it's going to happen very quickly.

REPORTER: Mr. President, is a diesel export ban officially off the table now that you're getting supply from Europe? TRUMP: No, no. We were never gonna do it. I don't think we ever, but basically, Europe was great because they're putting a lot of diesel oil out there. They have diesel. They use diesel disproportionately more than most, and they did a great thing.

REPORTER: Sir, your diesel deal with Europe. How'd that happen, your diesel deal with, your diesel deal with Europe? TRUMP: Yeah, I asked for it. Europe has a lot of diesel, and they're, they're gonna be making a major world contribution, and so are we. And we're not gonna be, doing the export ban. We're gonna be doing what we're supposed to do. But I did ask them, and they're gonna, we're gonna have a lot of oil very shortly, as soon as Iran ends, which won't be long. Not gonna be long, and you're gonna have oil go down to the price it was before, maybe even lower than I got it at the beginning.

They have some diesel, but the prices are coming down. All prices are coming down. So we inherited the worst numbers ever from the Democrats and we're bringing them way down. Inflation is very little problem right now. The one thing we have is oil is a little high, but oil is much lower than it was for Biden.

Iran will very soon be ending one way or the other. It'll either just say, look, they have 301 percent inflation. They have no money, they have no currency. Their military has been defeated, their navy is gone, their air force is gone, everything's gone. And one way or the other, it's going to end very quickly. And when that ends, oil prices are going to drop like a rock.

And Venezuela, it's been a great situation. The people are happy, and I'm very happy, and we're taking a lot of oil and we have a great relationship. If Venezuela is making a lot of money and so are we, we're going to start filling up our national strategic reserves with the Venezuelan oil for very little money, and it's going to be great.

Look at inflation. I inherited the worst inflation in history under Biden, worst in history, and now it's great. It's really good. We've got it down. And oil is going to come down very, very soon.

Oil is coming down as soon as Iran is finished and they're finished pretty much right now. We're getting more oil out of the Hormuz Strait now than we did before the war.

No, costs are coming way down. The Democrats gave us the highest cost in history. They gave us the highest inflation in history. As you know, costs are coming way down. Oil is lower now than it was in the Biden administration and the difference is, Iran will not have a nuclear weapon. They would have had a nuclear weapon in the Biden administration.

Iran now has got 301 percent inflation. Their money is valueless. Their economy is gone. They have no military. They have no anti-aircraft computers. They have very little going, and we control the strait. We took out more oil in the last two days than at any time in the history of the Strait, and that includes before the war.

So we have the greatest economy in the history of our country. We inherited tremendous inflation from Biden, the Biden administration. We brought the prices way down, including oil is less than Biden. And we have Iran, who will never have a nuclear weapon, and they're ready to fold any day now. Frankly, I think maybe before, maybe right after, but oil prices are gonna be tumbling down, gonna be lower than they were even before the war started. We had no choice. We had to stop Iran from having a nuclear weapon. Almost everybody, when they see it, almost everybody agrees. It had an impact on oil, but not nearly as much as people thought, frankly, less than I thought. And very shortly, oil will become really tumbling down.

You know, they always come up with these words, affordability. So the fake news starts using it because they're partners with the Democrats. And the fake news would say -- oh, they say it all the time to me -- ‘What about affordability?’ And I'm saying, ‘What about affordability? The prices are high.’ I said, they're lower than they were. And think of it, gasoline's lower than it was with Biden, and we knocked the hell out of a country that was gonna try and kill us, probably. The word probably is very important. I would say more than probably. They would've taken a shot.

And here in Texas, we have unleashed our great American energy workers and Texas oil production has reached the highest level in history by far -- not even close.

And when it's over, oil is gonna go like that. [Trump points down] In the meantime, prices have come way down, oil prices.

Every once in a while they'll try and drop a mine in the water. Usually we’ll take them out before they do it. But when mine goes in the water, if you have a billion-dollar ship, you know, you don't love, you don't float, love floating a ship down the Strait of this. One little mine. So they could be a nuisance, but, we have that in control. When that happens, when that ends, which will be very soon, one way or the other, it's gonna end.

And what happened, and what happened is, we're taking out, millions and millions of barrels of oil, in some cases more than before the war. They don't wanna report that, the fake news. And it's gotten bigger and bigger.

And they said oil would go to $300 and $400 a barrel. Well, today it's at 90. And the last few days we've taken out more oil from the Hormuz Strait. Our Navy is unbelievable. They put up a blockade. We're the only ones that could get through or somebody that we want. Iran hasn't had one ship get through. Not one ship in months.

We just had the best numbers we ever had. And I went to Lutnick and I went to, I went to Scott Bessent, I went to all our people. Jamieson Greer, great trade representative. I said, ‘Fellas, we just had the greatest numbers in history, but we're gonna have to do a little detour because Iran is about to have a nuclear weapon.’ They were three to four weeks away, maybe sooner. And if they have a nuclear weapon, the whole game is over. We can't let them have. So in the midst of our great, when gasoline was, I was in Iowa making a speech, and it was $1.95 a gallon. Another station was $1.85 a gallon. I remember those two numbers like magic. Good memory too, but that was an easy thing to love and remember. And I said, ‘Fellas, I'm sorry to do this to you, but we have to put out the fire in the Middle East because they'll blow up Israel. They'll blow up the Middle East and then they're gonna start hitting us in Europe.’ They're crazy.

We are sending millions and millions of barrels of oil to Houston and other places, Louisiana, Houston, Alaska even. We're refining it at levels we've never seen before. Soon we're gonna be starting to fill up our strategic oil reserve. And we're gonna do it at almost no cost. We're gonna get it for almost no cost.

We're bringing prices way down and oil is lower. Gasoline is lower than it was with Biden despite the fact that we have a war going on with a country that will never have a nuclear weapon and is ready to fold up. We'll win very easily right now.

And Venezuela has now been, you know, great. We -- we're helping the people become rich again. We're -- the big oil companies are moving in. We've taken out many, many times the cost of the war in oil and getting along really well, really, really well.

And in fact, in the last three days more oil has come out of the Hormuz Strait than at any time in the history of the Hormuz Strait. I'm not just talking about I'm not talking about since the war. I'm saying at any time in history. It's been -- it's been pent up. So, we don't -- you know, the fake news doesn't like talking about it, but I like talking about it.

You know, one mine -- if they drop one mine and they say there's a mine, they ship -- you know they don't want to take their billion dollar ships through the Hormuz Strait. But again, and, you know, we had more oil coming out over the last two days than at any time in history.

REPORTER: Mr. President, have you decided to ban diesel exports? TRUMP: I'm thinking about it. I speak to Chris and Doug about it a lot. They sort of think it's -- it'll help diesel, but it might raise the price of other things. And I think we're in a good place because oil prices are going to start to come down. Tremendous oil is coming out of the Hormuz Strait now. We're running it.

The Democrats caused the highest prices in history and they have -- it's considered the worst inflation in history, and we have it down now to a very good number. We're going to get it down still further. And when the war ends, oil is going to bring it down into a really low number, and oil prices are going to go down tremendously.

And our inflation numbers are way down, other than for oil, which is still lower than Biden, but is coming down rapidly. And as you probably noticed, we've taken out, over the last couple of days, more oil than we took out during the pre-war days from the Hormuz Strait, taking out a lot of oil. And so far, there's not a thing they can do to stop us. It's pretty -- pretty amazing.

Gasoline prices in Alaska are going to tumble, well, as soon as the war ends, which is going to be soon, the Iran war. Prices are going to come way down regardless. But gasoline prices, because of this project and a couple of others in Alaska, are going to tumble. Now, if the Democrats come along, I can't speak to that.

And remember, our gasoline prices -- having stopped Iran from having a nuclear weapon, our gasoline prices are lower than Biden, and he didn't stop from -- nuclear weapons. When the war is over, which will be very soon, gasoline prices are going to drop like a rock.

[on a diesel export ban] No. I mean, I think it's something that we think about and we talk about every day, but it just seems that it would have a negative impact on gasoline. So that that would go up a little bit and these would come down a little bit and we think we're in a very good place. It's going to start to come in. You know, diesel is really hurt much more, not by the Middle East, but by what's going on in Russia, because those diesel refineries are being knocked out at a pretty alarming rate. And if that didn't happen, we wouldn't have a diesel problem. What's happened in Russia with Ukraine has been, really, the biggest problem for diesel.

You know, we took more oil out of the Hormuz Strait over the last couple of days than at any point in history, including long before we had the war to stop the nuclear weapon. And this is to stop the nuclear weapon. Iran will not have a nuclear weapon.

And Iran will not have a nuclear weapon. And they're failing very badly, very badly. That'll be over with very soon. It'll be over with very, very soon. They will not have a nuclear weapon, and oil prices are going to be tumbling down, just like they were before I had to make that little excursion to the Islamic Republic of Iran.

And when you see what happens -- as soon as that war ends, inflation's going to be eradicated totally. But nobody talks about that. Gas is going to go way down.

We have the best economic numbers. We have -- Iran will never have a nuclear weapon. We're going to win that war. Very soon that'll be over and the gasses -- gas prices will come tumbling down.

REPORTER: Should motorists, should truckers expect elevated gas and diesel prices between now and then? TRUMP: When the war ends, two things are going to happen. Number -- the one thing already has happened. It's Iran will never have a nuclear weapon. That's a very big thing, because if you want to see turmoil and a travesty, let them take out a city with a nuclear weapon. I'm not only talking about Israel and -- and big parts of the Middle East, but let them hit us with a nuclear weapon, for all those stupid people that think it's ok. I deal with them, and they are crazy.

Nobody talks about the fact that Biden play -- paid -- you were paying much more for gasoline. Let's not talk about all these -- you know, everything. Under Biden, you paid much more for gasoline than they're paying now. And what I did is I went to war to stop the -- one of -- it could be one of the worst things that could ever happen to the world, to us but to the world.

TRUMP: The big problem is the refineries in Russia are being blown up. This isn't really a Middle Eastern problem. This is more of a Russia problem that Ukraine and Russia are going at it, and Ukraine is blowing up diesel refineries in Russia because they do a lot of the refining. So this one's an interesting one indeed. And I spoke to President Zelenskyy. I said, ‘You got to take it easy on the refineries as much.’ REPORTER: What’d he say? TRUMP: He said, ‘Well, we'll probably do that.’ REPORTER: Okay. TRUMP: No, because we're causing a world problem. There are other things he can do, but a very big problem is the refineries in Russia are unable to do what they were doing. But we'll take care of that situation.

I think what's gonna happen is we're gonna win this war very soon. And as soon as we win it, it's gonna go -- the, the oil will go down, way down to what it was before the war.

REPORTER: So what about an export ban on diesel? TRUMP: Well, we're thinking about it very seriously. That can oftentimes lead to a little bit of an increase on gasoline for cars. So we're looking at it very seriously. We may do it

One thing I have to say, with the exception of oil, which is lower than the Biden administration, and we no longer have to worry about nuclear weapons with Iran because they're wiped out. But with the exception of oil, everything is going down. We have it going down.

REPORTER: Any plans to strike Iran after midterms? TRUMP: Well, I'm rejecting their deal. They want to make a deal where they open the Strait immediately because they're losing so badly. You know, you don't read that or you don't see that in the fake news. But, we're winning tremendously. We have total control of the Hormuz Strait. Massive amounts of oil are coming out of the Hormuz Strait. Last night, we had 29 ships come out. They wanna make a deal, and I think that's fine. I like making a deal, too. But, I'm not -- that deal would not be acceptable

And what they wanna do is immediately open the Hormuz Strait. Do you know why? Because they're dying. You know why they're dying? Because they have no money coming in. Because they get their money from the Hormuz Strait. So they outsmarted themselves. They said, ‘Let's close it and cause a problem for the world.’ And then I came along, and we put up the greatest blockade ever in military history. It's a wall of steel. I would put it up, and guess what? They don't have any money now because they wanted to close the Strait. And I said, "That's fine. We're gonna close it on you," but everybody else is able to use it.

We're, we're spending a lot of money. They are spending. The oil companies are all going into Venezuela now. And very shortly, I mean, Venezuela's making a lot of money now for its people. Really a great thing to see it.

They're a lunatic, the worst nation anywhere in the world, the most dangerous nation. They're defeated. They will not have a nuclear weapon and gas prices and, that includes diesel will come pouring down, and it's gonna happen very soon.

With all of that, oil will come dropping down. As soon as Iran gives up, as soon as the war is over, which will be soon, oil is going to come plummeting down. And all prices are coming down, but prices for groceries have come way down from Biden. Almost every price has come way down. And remember one thing, oil is less expensive now than it was under the Biden administration.

With all of that being said, we're taking tremendous amounts of oil out. Last night we took a record amount of oil out from the Hormuz Strait, more than we took out before the war.

REPORTER: President Trump, did you discuss the war with Iran during your discussions with President Xi? Did you discuss the war with Iran? TRUMP: We did. We did. REPORTER: Do you think there will be progress made in the Strait of Hormuz. TRUMP: I think we're going to do great.

Democrat and NeverTrump Predictions that turned out to be WRONG: [...] — Oil didn’t go to $200 a barrel. Gas prices will be coming down and, if you stick with us, America will continue to be the strongest, freest Country on God’s Green Earth!

REPORTER: A ban on diesel exports. Chuck Grassley called for the same thing, Mike Rogers called for the same thing. Is that something you're considering? TRUMP: Well, I've called for that too. I said, let's not send out the diesel. We make a lot of diesel. That could have a little bit of an effect on regular automobile gasoline. Because when you do that, you know, it's a sort of a flow, it's a balance.

Well, it is a serious hit on the Russians. It's also a serious hit on the price of diesel. The diesel oil, diesel fuel has gone up quite a bit, but we'll be talking about that. But no, it's a very serious hit, certainly on Russia.

Venezuela's situation is amazing because we have the biggest oil companies in the world now going in, and they're starting to build, takes a little while, but they're spending billions of dollars. They're building rigs with no rig existed or where they're old and rotted and rusted and useless. But we have the biggest companies in the world, American oil companies and others, going in and it's been amazing. And the people, they've never seen anything like it.

While this is all excellent news, Iran's terrorist attacks on commercial shipping and neighboring countries have shown the need to shift Middle East energy infrastructure away from the Iranian checkpoints. That's why my administration strongly supports the India-Middle East-Europe Economic Corridor and other places of the form of getting oil out, whether it's pipelines or anything else.

And we're taking out 25 to 30 ships a night, sometimes during the day but a lot of it's during the night. The blockade is the strongest thing that anyone's ever seen. We call it a wall of steel and our Navy is amazing. Our military is amazing. It's amazing. We now have more oil flowing through the strait than at any point by far since the conflict began.

As you know, the US Navy has cleared Iranian mines out of the way and channels, the Hormuz strait, and we're now facilitating the renewed flow of oil. We recently announced we have escorted more than one billion barrels of oil out of the Gulf. That's not a lot to me, but it's a lot to most people. Right, one billion barrels, that's a lot of oil, no matter, no matter how you figure it. But we recently announced that we've escorted, again, more than one billion barrels of oil out just in the recent period of time.

Well, I think as soon as the war is over, the numbers are going to come way down, pricing generally, because oil is the big thing. When oil goes up, and we had to do that because we have to stop them. And I think we feel very united on that. We can't let Iran have a nuclear weapon. And people understand that in the United States, and they're paying more than, less than Biden, by the way, less than the Biden administration.

It's coming out. The biggest oil companies in the world are going in, and the numbers are absolutely incredible. When you add the United States and Venezuela together, we have more than 60 percent of the oil in the world, so it's perhaps the biggest deal.

Last month, we signed the largest oil deal in history, covering 65 billion barrels of oil, which will benefit both Venezuela and the United States enormously and help drive down the cost of energy all over the world, and that is starting to perk right now.

The terrorist regime is behaving badly, not because they are strong and confident, but because they are weak and desperate. If we stand united, we will soon see a world free of the last 51-year menace of Iranian terror and oil prices will come plummeting down even lower than they were at the start of the conflict, and they were very low; in the United States they were really low.

But I believe we'll make a deal right after the election because it doesn't make sense for them not to. They're waiting to see how I do in the midterm election.

The United States Navy has recently escorted more than 1 billion barrels of oil out of the Strait of Hormuz, and more oil is flowing than at any point since the start of the war. We're taking 22, 25, 30, 32 and 37 ships out, respectively, every single day, every single night. But I have a big decision to make. Will a deal be made with Iran that lets them rebuild and create a far greater country than it ever was before, maybe one of the greatest in the Middle East, or even the world? Or do I annihilate the Islamic Republic and do it quickly, never giving them a chance to kill and destroy people and countries again? Do I drive them into hell with no chance of survival and no hope of future greatness or generations?

It's always negative, even having to do with the war. We've done so well. We have to, look, they're not gonna have a nuclear weapon, let me just put it that way and they're not doing well. They're not doing well. In fact, I have meetings on it today. They're not, they're doing very poorly.

And we do have something that I'm very proud of, Iran will not have a nuclear weapon. Now, for that, people are going to have to pay some extra for gas, I think most people, if they had a vote on lower gas prices or letting Iran have a nuclear weapon, I'd be willing to vote that it would be a massive landslide. People don't want to have Iran have a nuclear weapon and you know what, they won't. And the war is going to end soon and when it ends, your gas prices are going to drop to a level that they were before, maybe even lower.

When I left Iowa, just before I started this, I had no choice. I said to my people, we're going to have to do an excursion down to Iran, the Islamic Republic of Iran, because they're going to have a nuclear, if we don't hit them with the B-2 bombers, they right now would have a nuclear weapon. And if they had it, it would be a matter of days.

Gas prices were much higher under Biden than under ‘TRUMP.’ So were almost all other prices. President DJT

Russia has unfortunately lost control of its Diesel Oil Industry due to its War with Ukraine. A large number of their Diesel refineries have been blown up and are, at least temporarily, out of commission. This ridiculous and never ending War with Ukraine must be ended. The whole World suffers as 25,000 people, mostly soldiers, are being killed each month. What a shame! President DJT

Well, hopefully we're toward the end of the war. They wanna make a deal and we'll see how that works out. They're very much wanting to make -- Iran is very much wanting to make a deal. We'll see how that works

And don't forget, they never wanna talk. The fake news about Venezuela, we took out Venezuela in 48 minutes and, and now we have all our big oil companies going there and we're working along with the government of Venezuela very well. The relationship is extraordinary. We're taking out millions and millions of barrels of oil. And I can't get the press to talk about it because they don't wanna talk about it because they've never seen anything like it before. When they say to the victor belong the spoils, that's one of the greatest cases anyone's ever seen in history. We paid back the cost of our war many times over.

And you watch what's gonna happen to Iran, it's gonna be a really good conclusion. It's gonna, and it's gonna happen. It's gonna. I say it's gonna be a little bit after the election, but maybe not. Maybe it's before the election. But when you look at it is where we have the strait open, we have all this thing and they've been decimated.

And that'll end soon. And you watch what happens to your oil, to your gasoline, pew, it's gonna come down very quickly. I had it down to the lowest level in years. I had a choice. I could've sat back and enjoyed it or could've done what's the right thing for, I see these young children in the audience. But if they had a nuclear weapon, it would be a very bad thing, a very dangerous thing. And they would've used it absolutely without question. I've gotten to know them, they would've used it. So we did the right thing.

And with our new and powerful relationship with Venezuela, we just made the largest oil deal in history, and I think the largest deal in history. We got 65 billion barrels of beautiful oil, 500 years worth of oil. 65 billion, think of it, billion barrels of oil. We got it for what? An attack. We got it for an attack.

I'm the last one to say, because we had gasoline down to $1.85 in Iowa. It was $1.85 a gallon. I was there the day before I had to do this. I had to make this journey over there.

And I said, you know, I told my guys, Scott Bessent and Howard, all of my people, Todd, everybody, I said, ‘We gotta make a little journey down to the Middle East because we can't let this crazy nation have a nuclear weapon.’ And we stopped them. And to be honest, it's, it's gonna end soon, but because they can't go on, they can't go on. They, their nation's destroyed. But, I have to say, you have a little higher, you have a higher ga- It's a very inexpensive price to pay for what we've done. Remember that. It's a little more. It's, even if it was, frankly, even if it was a lot more, but that's gonna come tumbling down. That's gonna be like a rocket ship in reverse.

I hope everyone realizes that price increases throughout America were caused by Sleepy Joe Biden and the Biden Administration, not by ‘TRUMP.’ Even Oil was higher under Biden than it is right now, and we prevented Iran from having a Nuclear Weapon! With the temporary exception of Oil, prices are coming down sharply, and Oil will drop like a rock as soon as the Military Conflict with Iran is over, and that will not be long. Thank you for your attention to this matter! President DONALD J. TRUMP.

Ukraine has agreed not to hit Russian Energy targets. Russia has agreed to do, likewise! The World’s Diesel price rise is mostly caused by the Russia/Ukraine War, not Iran. President DJT

Oil is flowing through the Hormuz Strait. The Countries of the World, which have been no help to us whatsoever, should, and will, reimburse the United States of America when this SCAM Confligration is all over. We are doing it much more for others, than we are for ourselves, and we have been for Generations! President DONALD J. TRUMP

REPORTER: Will you be meeting with Delcy Rodriguez to talk about the oil? I may be. Well, we have the oil now. REPORTER: But the oil deal. Will you be speaking with her? TRUMP: We’re taking billions of barrels of oil a month.

The problem I have with Ukraine and Russia is that, you know, a lot of the diesel comes, diesel oil comes, and that's the one where there's a big up. It comes from Russia, and the Russia plants are being hit by Ukraine. And I've asked President Zelenskyy not to hit the diesel plants, refineries. REPORTER: Is it potentially that Ukraine war could end? Is it potential- TRUMP: The diesel is being driven up by the fact that it's having a hard time coming out of Russia and that's a case that hurts the world.

The country's booming. Iran will end right after the mid, maybe before, but it'll end right after the midterms. Gasoline's gonna drop like a rock, just like it was just before I got, I mean, I knew what I was doing. I got, I had to do it. Iran cannot have a nuclear weapon.

I don't care. That's up to them. That's fine. They can be happy, you know? Israel, along with the nations that we're talking about and they're happy. That's fine. 'Cause ultimately get out, unless we decide to stay and keep the oil like Venezuela. You don't talk about Venezuela anymore, do you? Taking in billions and billions and billions of dollars. We paid for the war many times, many, many times, so we'll see.

Mr. Zelenskyy has to do one thing. He has to stop knocking out diesel fuel in Russia. Let him go after targets, but not diesel fuel 'cause he's causing a shortage of diesel fuel. This isn't done by the Middle East, this is done by what's happening with Russia and Ukraine. So, we spoke to Mr. Zelenskyy about it. There are plenty of other targets. Don't hit diesel fuel because that's hurting, that's hurting the world. We don't want him to hit diesel fuel.

The oil companies are going in. A lot of money's being made. Venezuela's making a tremendous amount of money, so are we. And it's, you know, we have all the big companies going in there now and they're drilling. And when they start really drilling, when that really starts to happen, it's already happening, but the people of Venezuela are very, very happy.

But the oil companies, all the big companies that really couldn't or wouldn't go there, they're all there now. They're all going in. ExxonMobil wants to go in. Chevron is in there big already. They're, they're really moving and they're moving, and they're moving very quickly. And we're taking millions of barrels of oil out of Venezuela and bringing it to Houston, refining it. It's a lot of, a lot of oil.

REPORTER: There are new concerns with Saudi Arabia, and movement in the Strait. What are you hearing about that? Have you talked to the Crown Prince? And can you help move traffic through? TRUMP: Everything will work out just fine. It's all going to work out fine.

REPORTER: Mr. President, the Irish are paying 40% more for home heating oil than they were before the war. What is your message to them? TRUMP: Well, I think what happens if they open up, and you open up and the UK, the North Sea, the prices will tumble. As soon as they open up the great North Sea, and they haven't, one of the most valuable sites in the world that's open, your prices go way down.

If they had it, they would have blown up Israel, they would have blown up the Middle East and they would have hit some Europe's, in my opinion, Europe's cities and beyond cities. And they would have probably hit us too before we put, put out the fire. But, they cannot have a nuclear weapon. But I would say, shortly and oil will come tumbling down. When that happens, oil prices will come tumbling down.

I have to say, we've done a great job. You know, we control, as you know, we really very powerfully control the Hormuz Strait, and nobody saw that happening. We have very powerful control over it. We have a naval, a naval blockade that's been so incredible. Your oil prices would be much higher. We're taking a lot of boats out.

But with, with Venezuela, we took that over. We won the war. We're working very well with the people that are now running it. And, it's millions and millions of barrels of oil every single day. [...] It's 65 billion barrels of oil. It's good for 500 years.

And Venezuela is so happy now. The big oil companies are moving in. They're starting to drill. They're starting to build their, their rigs and massive rigs are being built. And in Venezuela, you know, it's, the hunt for oil is very complicated. You spend billions and billions of dollars trying to find oil. In Venezuela, you just go like this, huh, there's oil coming out of the ground. I don't know. It's good in terms of living, but boy, if you want oil, this place is unbelievable. There's oil popping up over there.

You don't have to be too great at oil. If you know nothing about oil and you wanna hunt for oil, go to Venezuela. They get a lot of oil. But you just look at the ground, you see oil all over the place.

The NATO didn't want to help us with the Strait, even though we don't get any oil from the Strait. We don't need it. We have a lot of oil. We have more oil than anybody, as you know. But we, uh, thought it was important. And they get a lot of their, they get 50%, 60%, 40% to different countries. But I said, "Would you like to help us with, with the Hormuz Strait?" "No, we'd rather not get involved." I said, "You'd rather," we give all that money to NATO, so the, indirectly, they're saving us a lot of money because you, I didn't do a heavy sell, honestly.

Remember this, the stock market right now is at the all-time high. 81 times during this term it's been a, during this whole little conflict, we call it a conflict, the stock market's at an all time high. The highest it's ever been, much higher than when I started. You know, when I started, it was at 49,000. Now it's at 53. It's gonna be 54 pretty soon. It's going up, continues to go up. Oil went up. When it ends, which will, I believe it'll end right after the, maybe it ends before, but I, I think it's gonna end right after.

Look, we're taking a lot of oil. You know, last night we took 22 boats out of the strait. You know, we control the strait. They don't control the strait. They control nothing.

Well, the prices will drop ra- -- very rapidly as soon as we win the, military conflict or war, you could call it whatever you want. The prices will go back to where they were. It's a, it's always -- Look, they're still cost cutter like me, but Iran cannot have a nuclear weapon. When that ends, and I think it'll end very shortly after the election, could end before the election, but I think it'll end very shortly after the election, the prices will go down to less than two dollars a barrel, two dollars a gallon for oil.

REPORTER: Is it possible that the Iran war will last the rest of your term? I mean, TRUMP: No. REPORTER: There was a report in the journal about this yesterday. TRUMP: The Journal? Wall Street Journal? It's one of the most inaccurate papers I've ever read. It's only going on its past laurels. No, there's not even a chance of that.

For gasoline, I'm pretty sure. I'm pretty good at it. I've been pre- -- if you look at where it was before I started, I had a start. And if I had to do it again, I'd do it exactly the same. And they'll never have a nuclear weapon. We can never allow them to have a nuclear weapon. So before I started, literally the day before, I was in Iowa, and I saw it at $1.85 and $1.95 for gasoline a gallon. And I think it's gonna match those numbers, maybe even be, at some points, below those numbers.

And by the way, oil will be going down as soon as we win the war with Iran, which is taking place right now. We'll win it. We're winning it. We control the Hormuz Strait.

I think we should call the Hormuz Strait, we should call it the Trump Strait. I should get something out of it. The Trump Strait. It's going to be called, ladies and gentlemen, I'll have an announcement. We'll call it the Trump Strait, and I'm sure the Iranian leadership will be thrilled with that. They'll be thrilled.

You know, I, I decided to do this. We had the best reports that our country has ever had. And I went to Scott Bessent, I went to Howard, I went to all our guys, I said, "You know, I'm sorry to do this to you. We just announced record our stock market hit records." By the way, our stock market's much higher today than it was when I first did the attack, just so you know. But our stock market hit records. We were doing great, and oil was low. I was in Iowa. The oil was at $1.85 a gallon for cars. There was another one, $1.95, but I saw that last one $1.85. We were doing great. I called them all into the office. I said, "Fellas, I hate to do this to you. We have the best records we've ever had, but we have a country that's two, maybe three weeks away from having a nuclear weapon, and it's the state sponsor of terror all over the world considered just about the most evil country. We cannot let them have a nuclear weapon." And a couple of them, including Scott, who's a great financial guy, "Sir, is there any time we could do it later maybe, sir?" "You think you could hold off in this a little bit, sir?” I said, “No, because if we don't hit them now, they're gonna have a nuclear weapon within one month."

Between our Venezuelan oil deal, all of our new mineral deals, trillions and trillions of dollars that were taken in with my most favorite word, but now I moved it to fifth place, you know, is that right?

Tala-freak-o authored a plan to annihilate Texas oil and gas. That's good. I'm working my ass off to get you oil and gas, and I got a guy that wants to end it. Would Texas be willing to end all oil and gas drilling?

You know, it happens to me all the time. Guys come up, You know, I wish you didn't do the war in Iran. Gasoline's up, ba, ba, ba. And I say, Well, let me ask you just smart people. Let me ask you, not too many of them, by the way. Let me ask you one question. Can Iran have a nuclear weapon? Absolutely not. Well, then I'm right that I win, okay.

REPORTER: And Mr. President, you've been saying for weeks that oil and gas prices are going to come down. TRUMP: They will. REPORTER: Oil is now back above $100 a barrel. How do you explain this to Americans who are wondering when prices are going to come down? TRUMP: Well, I think it's very easy to explain to America. All you have to do is say, will you let Iran have a nuclear weapon? And the answer is no. And they're doing very poorly. Their country is in shambles right now. They are, as you probably have seen the numbers, 300 percent inflation. Their money is valueless. They're not paying their soldiers. We control the strait and lots of other things.

TRUMP: So for a little while, I would say this, shortly, but right after the election because they'd like to have it that way, but right after the election, oil prices are going to be tumbling downward. They're going to be tumbling down and we'll get them down, I think, for gasoline. We'll get them below $2 a gallon. REPORTER: But not until after the midterms? TRUMP: I think it's going to take a little bit longer than the midterm

REPORTER: We're seeing a lot of attacks now in the Strait of Hormuz between the United States and – TRUMP: Well, the attacks -- the attacks are made by us. We've knocked out nine of their ships. I would say that the attacks are caused by us. Yeah. And you're going to see -- you're going to see a lot more. We've taken out about nine of their tankers. Many of them are gone-zo.

I think the war is going to end immediately after the election. I think the war will end immediately after the election. Because they can't hold out any longer. They're desperate to try and affect the election so that we can get a nice, weak group of people in there and leave them alone and let them have their nuclear weapon. All they want is a nuclear weapon. And if they had a nuclear weapon, the whole world is in deep trouble.

REPORTER: Are you still hoping for a nuclear deal? Secretary Wright said a nuclear deal might not be on the table anymore. TRUMP: No. REPORTER: Is that true? TRUMP: I'm doing much more than a nuclear deal. There's a lot more than nuclear. We're going to have nuclear. That's 99.9, but there's going to be a lot of other things on the table that wouldn't have been on the table three months ago.

REPORTER: What about negotiations with Iran? Do you expect that to restart at some point? TRUMP: We're not looking for it, to be honest with you, Jeff. Originally, I wanted to make a deal. We're so far down the line. They have very little country left right now, so we're not looking for it. Yes, a negotiation could possibly happen, but it's not something we're looking at. This war will end immediately after our election.

And I will tell you, we're right now fighting because we have a certain nation that wanted a nuclear weapon. They were very close to getting it, and now they have no chance of getting it. They will never have a nuclear weapon. Iran will not have a nuclear weapon. And they've been punished greatly. As you know, we've really taken it to them. I want to compliment our military; the job they do is unbelievable. The blockade has been so powerful, so effective. Nobody thought it could go so well.

Oil prices will drop precipitously, like everything else is dropping (but more!), when we WIN the war with Iran. Three Dollars a gallon, but ultimately, below Two Dollars a gallon. It will all happen quickly, and Iran will never have a Nuclear Weapon. MAGA! President DJT

Well, I'll tell you what, a lot of people don't call it a war. I call it a military conflict because it's small potatoes for us. It's not a big thing. we did Venezuela and we did this. In Venezuela, we lost nobody. In this we lost 18 people. And in Vietnam you lost 100,000 people and in other conflicts you lost tens of thousands of people. I would say that it's intermittent, you know, we do intermittent strikes, so I heard what he said and it was interesting because I think that there's a lot of truth that we're not fighting right now. There's no fighting. We're taking out a lot of oil. We control the Hormuz strait. We control it very strongly. We did a hit on certain areas around the Hormuz Strait. We took out their radar, as you know, you know that very well. We took out some aircraft. We took out some other things that protect for them, used to protect the Hormuz Strait when they had it under very tight control, but now we control it and we're taking out. Last night we took a lot of boats, a lot of ships came through, and they come through every day, so I can understand what he's saying. It's a military conflict, but it's, It's very intermittent. I could see somebody not calling it a war.

And by the way, pipelines are being built right now. The road through Syria, which is fantastic, is being built and it's open actually and people are taking trucks through Syria, massive trucks with oil in it. A lot of alternatives are being made to the Hormuz Strait. The Hormuz Strait is not what it used to be. Iran is going to end up if they don't get smart, really smart, which I don't know if they can. I don't know if they're able to do that, but they're going to end up with a Hormuz Strait that's not very necessary anymore. Pipelines are being built all over the Middle East now so they don't have to go through the Hormuz Strait.

China could have plenty of involvement. They get 50% of their oil from the Hormuz Strait.

But the Strait of Hormuz is taking a lot of ships. We're getting a lot of ships out of there. A lot of oil is coming out of the strait. There are no mines whatsoever. We have no mines. You know why we took out all the mines. They had some mines. We took them with our minesweepers. They go underwater. Nobody can see them, the best in the world, so we're doing a great job.

I would say it's a military conflict if you want. Some people could call it. I don't think it matters what you call it. What matters is the fact that we have had tremendous success. We stopped Iran from having a nuclear weapon

We have so much oil and gas, you have no -- and gas is very clean, clean, natural gas, even coal, by the way. You know, clean, beautiful coal.

Well, look, you know, Venezuela has -- outside of the United States, it probably has the second most oil in the world, right? And it's -- I mean, you know how you find oil in Venezuela, look at the ground. You just look. You said, there's oil right there. It's popping up. It's -- you don't have to explore for it, it's just -- it's massive amounts of oil and other things, by the way. But the country was very unhappy, now it's happy. You know, we're spending a tremendous amount. ExxonMobil is in there and Chevron is in there building billions and billions of dollars' worth of brand new equipment to extract the oil and the people are working again. You know, Venezuela had oil, but they weren't using it because the system was bad. And we have a very good relationship with the government. You know, we had an attack and we had a war, and it lasted for a very short period of time, like less than a day. But we had a war. Now we have a war with Iran, and that one's for a different reason, because we're not going to let them have a nuclear weapon.

We control the Hormuz Strait. We have great control over the Hormuz Strait we're taking out 30, 40 boats a night, and a lot of oil is coming out of there. So we control the Hormuz Strait and their economy is crashing. Their inflation could be 300 percent. Their money is valueless, their equivalent of the dollar, but their money is valueless.

You know, it's interesting when people say, are you glad you did it? I said, absolutely, because I stopped them from having a nuclear weapon. Because if I didn't do that, your people would call up and address them as, sir. ‘Sir, is there anything I can do for you, sir?’ No, they won't have a nuclear weapon. No, I did the right thing.

But with Iran, as soon as we win, which will not be long. We've already won because they can't have a nuclear weapon. But if we left Iran today, it would take them 25 years to rebuild it. But we're not going to do that.

TRUMP: So your country's not doing well. Don't forget, you got a big percentage of your oil from the Strait of Hormuz, and you weren't there to help me. Your country was not there to help me. I didn't -- we didn't need help but I did ask NATO, and I asked your former leader for -- why didn't you send a couple of ships? He said, we don't have any. And it was pretty sad, the whole thing. So NATO was not there, even though they get -- most of those countries get a big portion of their oil from -- so we're doing that by ourselves. REPORTER: Yeah, you were hurt by that? TRUMP: So NATO was very -- well, I wasn't hurt. I call it an education process, right?

REPORTER: The recent resumption of US strikes in Iran have sent oil prices back up to $95 a barrel. TRUMP: They'll come down. REPORTER: How long will this, uh, renewed campaign go for? TRUMP: I don't think too long.

We've controlled and we are controlling the Hormuz Strait. We are bringing lots of boats out every day with millions of barrels of oil. We are, for the most part, doing it without trouble. Every once in a while, they shoot a drone and knock it down, but we have control of -- very strong control.

We had gasoline selling when I decided that I have to go in and stop this because we can't let Iran have a nuclear weapon, so a little more than a year ago. Gasoline in Iowa, I was in Iowa making a speech, it was $1.95, right, and then it went to $1.85, passed another station. I went $1.95. Think of that and $1.85. And right after that I called everybody into the office, made my speech, and I said, we have a problem because Iran is soon going to have a nuclear weapon and I hate to do this, but we're going to have to do it. Oil will go up and probably the stock market will go down. Well, the good news is the stock market hits new records every day, so the stock market wasn't affected, although it would even be higher, believe it or not.

REPORTER: Yesterday, you met with oil industry leaders and you previously accused them of price gouging. Is that something you brought up with them? TRUMP: Yeah, I did. I want the retail prices, these were mostly retailers and I want the retail prices to come down.

REPORTER: Mr. President, how serious are you about renaming the Strait of Hormuz, the Trump Strait? And if so, how do you do it? How would you do it? Mr. President? TRUMP” It was just thrown out.

But we're doing really well with Iran. And I want to thank Pete and all those people there doing, that was great. We were on the phone late last night and it really went, we knocked out a lot. You know, we now control the Hormuz Strait, and we have many boats going through that every day, every night, many, many boats loaded up with oil. And so far, I don't want to speak too bravely, too foolishly, but so far, they've done very little to be able to stop it.

Just remember this when everyone talks to you about that just say Iran cannot have a nuclear weapon because it's a little bit of a short-term pain for long-term gain.

DAN PATRICK: And you have a new deal, right? You have a new deal. TRUMP: Oh, yeah. It's oh, well, then on top of it, we just made the deal two days ago. 65 billion barrels of oil. That's more than any country has just about. I mean, it's like incredible. DAN PATRICK: Which will probably lower gas prices the lowest for a long time. TRUMP: I mean, I'd like to say before the election.

Now that we have it under U.S.A. control, should we change the name Hormuz Strait to TRUMP STRAIT??? Like America itself, it would be ‘hotter’ than ever before! Thank you for your attention to this matter. President DONALD J. TRUMP

I’m not trying to force Iran to the bargaining table, as ABC Fake News reported. I couldn’t care less if they sign a worthless, to them, agreement. I like our position now much better, with almost total control of the Hormuz Strait, and their economy totally collapsing. They are just playing out the inevitable. When are the Iranian people going to rise up and fight? President DJT

But we have the Strait of Hormuz in extremely good shape. You know, we're taking over. Many, many ships got through last night, as you know, with the Navy's assistance. And we've been averaging 30 ships a night, that's a lot, and a lot of oil is coming out. That's why you haven't seen the price of oil go like they thought it might have to go. And the main thing, when I say it all, I could go on for an hour about what a great job we've done.

REPORTER: On Venezuela, on this massive oil deal that you just announced, how do you expect that to impact the lives of everyday Americans both in the short and the long term? And also, what's your message to the oil executives that you're planning to meet with? TRUMP: Well, I think it's going be, have a tremendous impact. It's going to, ultimately, prices are going to come down. Now, will it before, will it happen before the election? I can't tell you that. But I think people are very smart. They know we had to go into Iran. It only went up because of Iran. We had to go into Iran. We had to make sure they didn't have a nuclear weapon. You know, when -- sometimes somebody will take the other side, say, well, did you have to do it? I said let me ask you one question. And I've never had a different answer. Let me ask you one question. Can Iran, the number one state sponsor of terrorists -- terror in the world, number one of terror in the world, can Iran have a nuclear weapon? They always say, no, they cannot. I say, well, then we have nothing else to talk about.

REPORTER: On the Venezuela deal, analysts predict it could take several years before the Venezuela oil actually brings down – TRUMP: Could be a little bit – REPORTER: Gas prices. TRUMP: But it's going to go fast. Going to go fast. REPORTER: When you say fast, when? TRUMP: Well, because analysts predicted that a thing like this could never happen too. Nobody ever thought it was possible. Remember Russia was there. China was there. They're not there anymore, are they? You know who's there? USA is there. It'll go fast, much faster than what the analyst, they say two years, three years. But if it was two years, that's a, you know, short period of time.

REPORTER: In your opinion, do you think that health care prices or gas prices right now are more important for American voters? TRUMP: I think both. I think everything is important. I would say health care is to me very important. You're talking about life, it's very big, it's very important.

And frankly, you know, with the inflation, I've largely taken care of inflation. By the way, the gasoline is going to go down, the oil is going to go down like a rocket going in the opposite direction as soon as we win that war, complete the war. Already, you know, we've got total control. I would say almost total. They could be a nuisance. But we have control of the Hormuz Strait. We've swept it of all the mines. You know, we don't have mines there now. We have all of the international -- we got rid of them, with very little help from other countries.

REPORTER: I want you to imagine you're the lead prosecutor, but you've got Marco Rubio and John Radcliffe sitting at the council table with you, and you were addressing a jury of undecided midterm voters. And their question is convince us on the issue of Iran, how it is in our best interest if you were the prosecutor in that case, what would you tell them? TRUMP: It's a very easy question. Iran is a number one leading state sponsor of terror. You've heard that many times in the whole world. They cannot have a nuclear weapon. I have, numerous people said, well, did you have to do it? And then I say, Do you think it's ok for Iran to have a nuclear weapon? A nuclear weapon is massive destruction, you know, take what you see and multiply it times 100.

And in a short period of time, a year and a half, we've had 81 all-time highs for the stock market. All of the markets, but for the stock market, 81. And the 401(k)s, which affects a lot of people, the 401(k)s are the highest they've ever been, never even close. And likewise, I think there's a period of 87 days or something on 401(k)s. They hit new highs, new highs, new highs. And this is despite the fact that I'm putting out a fire in Iran, which I had to do. I had to put out a fire.

And all I say is, is it okay for -- is it okay for Iran to have a nuclear weapon? I've never had anyone say yes. And as soon as they say, ‘No, it's not okay,’ I said, ‘Well, then I'm right.’ But we're doing a great job. The blockade has been unbelievable. The financial -- the financial hits that we're giving them, we're hitting them very hard. Never -- nobody's ever been hit like this. And they're a failing nation right now. And at the right point, we'll either win or they'll do something. But, you know, I don't mind winning, just winning. I don't need a signature on a piece of paper. But we're doing very well.

We don't want to speak to them; we're not looking to meet or anything. The Strait is open; we're taking a lot of boats -- millions and millions of barrels of oil are coming out of the Strait every day. Other countries recognize that. Every once in a while, they shoot some -- you know, they put some shots out.

Last night we took 24 boats through the strait; we're taking them through all the time, I say it very openly. It doesn't mean we're finished with the military, but we are, the Strait is open. As you know, the Strait of Hormuz is open. We have control and we have the blockade. Iran's not getting anything; nothing is going through, not one ship has gotten through.

BREAKING NEWS: The United States of America has just entered into an Agreement with the Country of Venezuela on, THE BIGGEST OIL DEAL IN WORLD HISTORY! At my direction, Secretary of State Marco Rubio, and Secretary of War Pete Hegseth, working closely with Highly Respected Interim President of Venezuela, Delcy Rodriguez, and, through a partnership with private business, have secured majority U.S. control of more than 65 BILLION BARRELS of proven Oil Reserves in Venezuela, at no cost to the American Taxpayer. This Historic Transaction MORE THAN DOUBLES American Oil Reserves, greatly increases our Oil Supply, and will substantially lower Gas Prices for all Americans, long into the future, while helping to continue to set Venezuela on a course toward Tremendous Success and Great Prosperity. This Transaction will greatly strengthen the already growing relationship between Venezuela and the United States! Thank you for your attention to this groundbreaking matter. MAKE AMERICA GREAT AGAIN! President DONALD J. TRUMP

I inherited high prices, I'll put it a different way, and we've really gotten them down. Now, we have a little bit of an oil, don't forget, when we when I did this, people thought the oil would go to $10 a gallon, you know that. And they thought, but we had to do it. We had to stop them from having a nuclear weapon. And we did and the prices are coming down very rapidly.

But as far as affordability, when I was just prior to saying we have to go down, we have to do this, I met with my people. We just had record stock market and I said, you know, we're going to have to do a detour, we cannot let -- it's very simple to me, we cannot let Iran have a nuclear weapon.

But the strait, it's functioning it's a functioning strait. Yes, every once in a while, there'll be a drone or a rocket or something shot but it is a very functioning strait. A lot of oil is pouring out, 10 million gallons, 10 million barrels yesterday.

Prior to the war, prior to what we're doing with Iran, which I think will be ending fairly soon, you could really say, you know, because the strait is open, we take a lot of ships through the strait now. We're taking them in. The mines are gone. You probably saw that, we put it out yesterday, all the mines. We got rid of the mines.

I have no time schedule, none. I’m not in a hurry. I have no time schedule at all.

I have no time schedule; whatever it takes.

I have just been informed by the United States Navy that all mines have been removed and/or detonated from within the International Waters of the Strait of Hormuz. Iran has been notified that any ship or boat placing new mines will be immediately and systematically destroyed. Through Space Force, we are watching every square inch of the Strait, as we are, also, with Pickaxe Mountain and the already destroyed three other Nuclear sites. There is a Zero Tolerance policy on mine placement in full force and effect.

Iran, very simple, they can't have a nuclear weapon, and they won't. They're failing badly. Their military is decimated. Their whole country is decimated. They, they wanna do something. They don't know what to do, to be honest. But very shortly, it'll end and, prices, the gasoline prices are gonna go down like a rock.

You know, when I, started this whole thing, the prices were, as an example, in Iowa, $1.85 a gallon. I said, "But we have a job to do. We have to leave here for a little while and we have to make sure they don't get a nuclear weapon." And we've done that, and it'll resolve itself very shortly.

And as soon as we're finished with the Islamic Republic of Iran, as soon as we're finished, oil is gonna be down at lower than it was even just a little while ago. We had it down to, for your cars, we had it down, think of this. I went to Iowa. Love Iowa. And one gas station had it at $1.95 a gallon.

But with all the good news, I said, "I hate to do this, but we're gonna have to take a little detour down to the Islamic Republic of Iran, and we're gonna have to put out the nuclear weapons up because they're gonna have a nuclear weapon, and we cannot let them have a nuclear weapon. We cannot let Iran have a nuclear weapon or you'll see some very bad thing." So we went down and we stopped them.

We have total control. If you look at the blockade, we have total control of that entire region having to do with the Strait of Hormuz, and that means well into it, the land areas. So they would love to make a deal, but they're not ready to make the right deal, in my opinion.

So the word affordability is interesting because they're the ones that caused the affordability situation and I'm bringing it down now. We had to take the nuclear weapon away from Iran. We had to do it. That caused a spike, not as big as people thought, but it caused a spike in the oil prices. They will very shortly be coming down to even lower than they were before.

But I think the public sees what we're doing because Iran can never have a nuclear weapon. Very simple. And I think the public sees it, and I think they appreciate it and they respect it. And I tell them, they'll be, a little higher for your energy cost, but they'll be a little bit higher for gasoline.

You know, I had it down to $1.85 a barrel. And then I said, "But we have to make a journey to the Middle East because we can't let Iran have a nuclear weapon." And that's what happened. And we've been very effective.

So they're in bad shape. But, the key that the reason I did it, and we had no choice, and I would've done it again a hundred times, they cannot have a nuclear weapon, and they won't be having a nuclear weapon.

Right now, the Strait is open; we've got a lot of boats coming through, people aren't reporting that. And that may slow down a little bit at some point, but right now a lot of boats are coming through. The naval blockade has been extremely effective. Zero, I mean, literally while it's up and it's been for quite a while, you know, except for a couple of little pauses where we opened it purposely at -- with a deal. But the deal didn't terminate -- you know, the deal didn't turn out to be what they said, you know, when they tell us one thing and they do another.

But the blockade has been 100 percent successful. No boats have gotten into Iran, but they are getting in for other places. But we'll see, we're going to see what happens. It'll either be extremely good and oil prices are going to drop like a rock, or we'll continue to do exactly what we're doing. You know, they were talking about $350 a barrel, and it's today $84 or $85. And we are getting a lot of oil out.

But the other thing that's happened is people have found other alternatives, which they never thought about, Texas, Alaska, Louisiana and other places. In addition, a lot of pipelines -- record numbers of pipelines -- are being built. So, I think the Hormuz Strait is not going to be quite as important as it was in the past.

REPORTER: Reopen negotiations with– TRUMP: Maybe at some point but right now think the situation is so good but maybe at some point. Look, it's very simple, they have to get rid of completely, they have to get rid of, no nuclear weapons.

The strait, last night we had a lot of boats come through. We have possession, complete control of the strait. I mean outside of nuisance value, and there is nuisance value when they shoot a drone every once in a while but, and not everybody's going to go through but they come through.

And over the last couple of weeks, we've had a lot of oil coming out. A lot of oil. It's not going to be perfect, but it's a lot of oil coming out

And people are finding alternatives too, and you know one of the alternatives? Texas. You know another one? Alaska, Louisiana. They're coming to the United States to get oil and people say ‘oh you shouldn't say that because it makes it sound’ well it is what it is. I mean they're coming to Texas, Louisiana and Alaska to get oil.

One of the reasons that oil hasn't gone to like the proverbial $300 a barrel. It's at 83, 84, 85 and it'll be a lot lower when this is over because we have plenty of oil. But one of the reasons it never went the 3 and 350 number is because we do. We have a lot coming up

There are no talks or conversations going on, or scheduled, with the Islamic Republic of Iran. The Naval Blockade remains in full force and effect. The Hormuz Strait is open and operating. All water mines have been removed or detonated. Thank you for your attention to this matter! President DONALD J. TRUMP

And people don't like having mines hit their billion dollar ships, you know, etc., but the blockade has been very effective. And, you know, we're taking out -- now, maybe that will stop or maybe it'll open up even further, but we're taking out millions of barrels of oil a week, if you look at the kind of numbers that we're doing.

The strait is open and the oil prices are coming down, and they will continue to come down unless we decide to do something far more drastic than we're doing. Iran is in big trouble. They have 300 percent inflation.

So I just say this, so for you to pay a tiny little bit more for your gasoline, just remember, you're doing it so that a very evil country cannot have -- a country, really, it's the number one state sponsor of terror in the world. We don't want to have them have a nuclear weapon. So remember that, when you have to pay a little bit more, you're at $4. It's OK. I mean, it's -- I'm not -- I'm not -- I'll never apologize. I did the right thing,

If you didn't have you'd be at -- I mean, I had it down to below $2 in many states, but California you can't include because they keep taxing, taxing, taxing. You lower the oil price, and they end up taxing you more than what you lower it. But you just have to remember that what we're doing is a great service for the world, not only for ourselves, for the world. And we're really doing a great job. Our military is unbelievable; the blockade is unstoppable. It's a wall of steel; the blockade is a wall of steel.

And after we finish defeating Iran, which is being very badly defeated, pretty soon I'll be declaring the Hormuz Strait a territory of the United States.

We won in Venezuela, which is now working with -- nobody's ever seen it, we're taking millions and millions of barrels of oil out every single week and we're likewise winning big with the Islamic Republic of Iran. Nobody has any idea how successful we are. They don't want to write it, but they know. You know who knows how well we're doing, Iran. Iran knows.

But I said, fellas, we have just had the best month ever -- anyone's ever had as president. The numbers had just come out. I just got back, I was in Iowa helping some people. And I was in office, and we're looking at the pump and it's $1.95 a gallon, and another one was $1.85. I said, $1.85 a gallon and I meet them the following day. I said, I have bad news for you guys, we have to make a little journey to the Middle East because we have to put out a potential disaster, a potential very big fire, fire like you've never seen. We can't let Iran keep going.

We really control. Now we totally control. We, we own, in the true sense, we own the Hormuz Strait. And we only allow boats to come in if we want them to come in. No boats are coming in for him. We haven't had one boat come in since we've been there for Iran. And what it means is hundreds of millions of dollar, dollars every single day they lose. So I think we're doing very well there.

People are looking at gasoline prices. That's all they're looking at. They like the fact that I'm stopping this lunatic nation from having an atomic bomb. The, the, if you look, look, they cannot have nuclear weapons.

It's very simple. And I say it all the time. They say, "Well, you know, we could get out of the war." I said, "Is it okay for Iran to have a nuclear weapon?" "No way. We don't wanna --" As soon as you hear that, you know, everybody agrees with it. Uh, we are doing really great with the Hormuz Strait. Uh, we have a blockade that is like a wall of steel.

REPORTER: Can you give us any estimate of when you think the Strait of Hormuz will be open? TRUMP: It’s open now. We're taking a lot of ship. It's open now. Look, the only one that has control of the Straight of Hormuz right now is the United States Navy. We have a blockade that's been infallible. It's a steel wall and we let people in that we want to let in and those people come in and they've been coming in and they're going out. So it's actually open now. We do not let them go into Iran. They're not admitted into the strait to go to Iran. But it's open for others. Now, a little bit complex because they will on occasion drop a mine and we find the mines. You know, we've mined swept the entire strait, as you probably maybe heard, maybe you didn't hear, but, we control the strait 100 percent.

I was almost topped out with the oil. But we'll fill that up again fast. We'll fill it. And that wasn't meant for, you know, getting prices down for the automobile so you get a vote, which didn't work, because he used it like crazy. And in the end, the people voted for me in a landslide. But, but, you know, they used that for election purpose. That's supposed to be used in time of war. You know that.

But I brought the pricing down and as soon as the Iran war ends, you call it a war, call it a military conflict, but as soon as it ends, we will you'll see oil prices. And by the way, oil prices are low. Anyway, you know, our – just so you understand, oil is lower than it was during the Biden administration and I stopped them from having a nuclear weapon.

Iran is going fine, going just absolutely fine. We totally control the Strait of Hormuz. We have control over it. Nobody else, only us. Our Navy is unbelievable. And things are going great for our country.

I don't trust Iran. Why? Are you saying I trust Iran? I'm the last person to trust Iran. They've lied to me constantly. We have total control over the Hormuz Strait right now. They don't have control. We have total control. We own it. And at some point, maybe they'll do something and then they get blown away.

The U.S.A. has total control over the Strait of Hormuz. I THINK WE WILL KEEP IT! Our Naval Blockade is being called, by everyone, “A WALL OF STEEL,” and there is nothing Iran can do about it. They have no Navy, they have no Air Force, their remaining soldiers are unpaid, the IRGC is decimated and fleeing, and their “Leadership” is uncertain, at best! They have No Money - Their country is “shot.” All they have is FAKE NEWS and 300% INFLATION, and getting worse! Iran is all talk and no action, the Bully of the Middle East No Longer. Praise be to Allah! President DONALD J. TRUMP

REPORTER: You said yesterday gas prices if, correct me if I'm wrong, they might go up again a little bit. You said. TRUMP: No, no that's only if I have to do another hit. REPORTER: Ok so – TRUMP: They'll only go down, or if we make a deal, they wanna make a deal. And they wanna make a deal. Look, it's obvious. They don't wanna be hit. Okay? They wanna make a deal. So we'll see. REPORTER: 'Cause you're seeing that nervousness on the Hill about that. TRUMP: It'll only go up if we have to do another hit.

And oil prices now are coming down very rapidly, if you look at what's going on. It's down to $75. Uh, when I started the very important excursion into the Islamic Republic of Iran, it was a very important excursion because they can't have a nuclear weapon, otherwise the whole world would get blown up. We're not going to let that happen.

We had oil down to less than two -- in many places like Iowa, oil was down to -- gasoline was down at numbers that people hadn't seen in years, $1.85, $1.95. This past. Tuesday I was in Iowa, at a stop, and we had $1.95, another one $1.85 a gallon. And we'll see those days pretty soon again, based on everything I see, as soon as the war ends. And, I think it's going to end pretty soon. I don't think they can go much longer.

REPORTER: Has a deal been reached to reopen the Strait of Hormuz? TRUMP: Well, I don't want to say it has been. It's sort of open right now. You know, we have a thing called the blockade headed up by the U.S. Navy and we control it and, now we control it, but they can always shoot something. They always have something or drop a mine. And if you have one mine sitting out there, you sort of mess things up because people don't want to take their billion-dollar boats and accidentally get hit by a mine. But I think we're doing very well. I just, you know, I'm involved in the negotiation. I think we're doing fine.

And as something that we maybe should say -- we do more oil right now then Russia and Saudi Arabia combined, and that's not including Venezuela where we're getting a lot of oil and good relationship we have with them too, but a lot of oil. But we do, without even including Venezuela, we're doing more oil than Russia and Saudi Arabia combined.

It will work out. It always works out. It's like a chess game

REPORTER: Would Iran be willing to return to fully free navigation of the strait? TRUMP: It has to be. I'm not going to let them charge. If anybody's going to charge, we'll charge. We're the one that has total -- we have total control. You know, we have a thing called a blockade with his Navy, and that Navy is on -- it's -- they call it a wall of steel, the United States wall of steel. And no, no, there's not going to be charging. We're not talking about charging at all. There won't be charging

Well, you'll find out today or tomorrow. I mean, they're going to go quickly, one way or the other. It's not very complex. We're talking about the strait, the opening of the strait, having it open literally by tomorrow, completely open, and that's phase one.

But I think we're going to have it coming down. The oil companies have to start going. You know, they're making too much money, and they've got to start lowering it. But we're going to be down into the threes and maybe the twos pretty soon per gallon.

The strait's going to be open very soon, or they're going to get hit very hard, and then the strait's going to be open.

But if the strait opens up and it's partially opened anyway, and as you know, we control the strait totally through the blockade. But if we have no friction, then oil will go down to, I think it'll go down to two and a half dollars a gallon, two and a half dollars. You know, it was down to $1.85 before I had to make this little journey to the Islamic Republic of Iran.

REPORTER: At what point do you say enough there's no coming back for Iran? TRUMP: Well-- I have plenty of time. You know, people talk about the midterms. They want to see winning. You know in Venezuela, we, oh, people were so opposed to what I did in Venezuela. It lasted one day. And now look, we're making hundreds of billions of dollars.

Then they--the economy Trump is at 42%. I shouldn't be-- we have the greatest economy. Maybe in the history of the world for any country.

Costs are coming way down. I inherited, they talk about costs, I inherited very, very high costs. And they are all coming down now. The food, the groceries, it’s all coming down. We've done a great job. You know I think we should be given an A+ on the economy.

We're taking a lot of oil from Venezuela, and we're getting along great with them. Billions and billions of barrels of oil is coming out of Venezuela. It's one of the most fertile places for oil in the world. And as you know, it was a 48-minute war, lasted 48 minutes. And we paid for the war with what we've taken out many, many, many times. Where have you heard that before? You haven't heard that before? It's the old-fashioned way, right? It's the old-fashioned way. To the victor belong the spoils, right?

But the thing is, we have unlimited. We have more gasoline, but we have more oil and gas than any country in the world. Now you add Venezuela to it, add that and we have we have 60 percent of the world's oil and gas, including Venezuela.

And as soon as this situation ends with Iran, oil is going to go down to the floor, gasoline is going to go down, and we will have completed something in a short period of time that is a miracle.

And when gasoline, when oil goes down, and it's going to go down very rapidly and it's happening very soon, already happening if you look. Today, it's $75, down to $75, it's dropping. And we may have to send it up again. We may have to, you know what happens when we send it up, but we hope we don't have to. But when that oil and gasoline go down, everything else follows.

Mike Wirth, Chairman and CEO of Chevron, just gave, in an interview with the fabulous Maria Bartiromo, all of the reasons that his company is doing so well. The only thing he conveniently forgot to mention is that, without the genius, foresight, strength, and stability, of the TRUMP Administration, the Oil Industry, and our Country itself, would be DEAD! As an example, they threw Mike and Chevron out of Venezuela, but now they’re back, far bigger and stronger than ever before, expecting to make a fortune! That goes for other Oil Companies as well…and get your consumer (retail!) Oil Prices DOWN, NOW!

REPORTER: The first one is Exxon and Chevron Integrated Oil US just announced record profits. Second quarter. Unbelievable. For Exxon for instance 14 billion highest they've had in over a decade. For Chevron for the quarter highest in history. TRUMP: By 12 times. REPORTER: On the back TRUMP: You saw that. REPORTER: Yes, I mean it's unbelievable on the backs of workers paying higher rates. TRUMP: I don't like it. They're making too much money, okay, based on a shortage they're making too much money. I don't like it and I'm, I should be the last one to say because I'm a big free enterprise guy.

And you know, we're you're going to see oil when we're finished with Iran, you're going to see the prices drop through the floor.

But they made too much money. Too much money. Chevron, too much money. Exxon Mobil, too much, too much money. When you look at one company where they made 12 times what they made the year before, they ought to give some of that back to the public. And they better cut the retail price, the consumer price. Too much money. You surprised I'm saying it? I'll say it loud and clear. I'm not happy about it.

Look, we have a blockade up there right now and only ships that we want to get through get through. Iran doesn't control the strait; we control the strait. Now they can drop a couple of mines in there and screw things up, but we control the strait. Our Navy is incredible. Not one ship has gotten to Iran during any time where we had the blockade.

REPORTER: Mr. President, are we right that no merchant ships are getting through right now? Maybe three or four a day when you need about 100? TRUMP: The only ones that get through are the ones that we want to get through. They're the only ships that get through, Brian. We have a blockade that's so powerful that nobody can get through. They tried, three or four of them tried over the last week. But, you know, we opened the blockade because we had the confines of a deal. So, we did it, and then we put it back because they broke the deal. They broke the deal. We cannot have them break deals anymore.

But Andy's very big on American energy dominance where I've excelled because we're, we're, the numbers are, wait till you see the numbers start to drop as soon as the Iran situation's over.

We had the most successful first term in terms of economy and history. I think this is gonna blow it away. We'll get the war over with. We will, when we get them to sign on the dotted line, no nuclear weapons.

Oil dropped very big today. Stock markets, as of about an hour ago, was like through the roof. But no, they requested a meeting. They would not have requested the meeting if we were doing poorly. The only reason they want to meet is because we've been hitting them very hard.

REPORTER: How much patience do you have left with Iran, sir? TRUMP: I have plenty of time, plenty of time. Their whole shoreline is wiped out. The strait is in very good shape now, and we're talking right now. You know, they wanted to talk. Their people said, please don't drop, don't shoot, last night, the night before, two nights, don't do it. You know, we're having good talks.

Last week, it was announced that inflation has gone down faster than at any time in the last six years. When the fuel comes down, which it did for a little while, then they didn't behave and I had to go back and now they're behaving again. You know, it's like playing a banjo. But every day, we're fighting to put more money in your pockets and that's what we're doing and we're doing it better than anyone. At the same time, we're making this country safe because we're not going to let lunatics have we're not going to let lunatics have a nuclear weapon.

Perhaps even worse, the radical left's plans would not lower your electricity bills, but they would actually increase them very substantially, because you wouldn't have all of this money pouring in. You'd have, American energy would be far more -- expensive and regulating oil, natural gas and clean, beautiful coal, it would be the end of all of it -- be the end of all of it. It would be the end of -- frankly, it would be the end of great success for our country because we've never had anything like what's happening right now.

We built, in my first term, the greatest military anywhere in the world. And we're using it a little more than I thought, but that's all right. We had Venezuela that Chris is doing a fantastic job and we've paid for the cost of that war many times over. We're taking millions and millions of barrels of oil, and it's going to Houston and Louisiana. You know that. You see those ships lined up. And again, we paid for that many, many times over.

One is the Iran war, where again we're doing very well, very very well. I would say better than anybody expected could be done.

In fact, if you combine us and Venezuela, we have about 62 percent of the world's oil market, so we don't need straits, we don't need anything. We don't need the Hormuz Strait, but we do it because -- we have to do it because we cannot let Iran have a nuclear weapon, it's very interesting.

And oil will be coming -- it's going to be tumbling down. It was three weeks ago. They thought we had a deal. I said, I don't think we have a deal with these guys. They break every deal they make, but I said, you know, but people thought the geniuses on Wall Street, they came down, really down and goes back up a little bit. But it's going to come down maybe lower than when we even started, but just give me a little time.

Well, Americans aren't against the war. A poll just came out, Americans don't want high gasoline prices, but they're not against the war. That just came out loud and clear in a poll. Nobody wants Iran to have a nuclear weapon. Do you want Iran to have a nuclear weapon? Do you think it's good?

REPORTER: Do you believe that Iran is trying to impact the midterm elections by threatening the Strait of Hormuz? TRUMP: Probably. They won't have any impact on me. I'm just going to do the right thing. I don't view it as, gee, we're having an election in a period of time. Everyone says, oh, I'm doing something before -- no. The election -- I can't think about that having to do with this.

I think people are very impressed. I mean, we took over Venezuela; we now have a great relationship with Venezuela. We went to war with Venezuela, and the war ended in one day. And we have now an incredible relationship with Venezuela. We're taking out millions of barrels of oil. They're making more money now than they ever made before, ever.

I had a very good conversation with the new Prime Minister of the United Kingdom, Andy Burnham. We discussed many subjects, including the outstanding relationship we have had with the UK. We will be meeting in the not too distant future for topics of mutual interest. The Prime Minister has got a big job ahead of him, but he will be able to do it and, of course, the U.S.A. will be there to help! We discussed North Sea Oil, Trade, the Military Alliance, Demining of the Hormuz Strait, and many other topics. The call was interesting, and went very well.

REPORTER: On Iran, Mr. President, you said at the start of the war it'll be four or five weeks. It’s nearing 5 months. TRUMP: Well, you keep hitting me with, this is a far bigger job that we're doing. We were doing a little job and stopping them from having a certain capability. Now, we're just ending it. So it's really not the same thing. What we're doing now is we're ending any chance where they could have a nuclear missile. If you look at it after a week and a half, not four weeks, a week and a half, two weeks, we stopped them from probably, but I don't want to have the word probably.

Iran has been very, very badly damaged. They've, lost everything almost militarily. They've got very little left. They've got some missiles. They've got some drones. They've got some manufacturing ability, not much. We control the Strait. They don't control anything.

Such great news in June’s Inflation Numbers! Prices FELL by the most in a single month in over six years. The June CPI was below the forecast of every single Economist (67!) that Bloomberg polled. Prices were down across the board including for Gasoline, Electricity, Auto Insurance, Hotels, and Prescription Drugs. With strong Wage Growth and a decline in Prices in June, Real Wages rose a massive 0.8%. As Investment pours into our Country, Factory Construction surges, Manufacturing Jobs rise, and Prices fall, there is so much to be proud of — The Golden Age of America is here! President DONALD J. TRUMP

We won in Venezuela, which is now working with us to produce millions and millions of barrels of oil. We are likewise winning big in Iran, and you will see the fruits of that labor very, very shortly. America is back and doing really well.

I call it a military operation, but call it whatever you want. It's incredible. It's like it hasn't made a dent. A lot of people thought oil would go up to $350 a barrel, and it's -- today it's at $79. A couple of days ago, it was at $68. It went up a little bit because I had to take tough action because they did not obey what they're supposed to obey.

I mean, they just didn't do it, so we took a little action. But it'll all, when that settles down, you'll be, I think you're going to have $55 oil, which is all great for what you're doing, maybe less than that.

REPORTER: Do you see inflation at the end of the year less than it is now? TRUMP: Well, I think so. I think what's happening is oil is going to be a little bit of yo-yo for a while. It goes up a little bit, goes down a little bit. And when this is over, oil is going to drop like a rock. So the answer would be yes.

We already hit Kharg Island, as you know, twice. Uh, even three times I said, 'Hit everything but the oil. Just leave that little area from 25 yards out. Leave that little area. Don't touch the oil.' Because I don't want that in terms of the world economy. It's a, you know, it's a chunk of the world economy. So we haven't hit that. At some point we could, but I think it's unlikely.

You know, if you look at, the Strait of Hormuz, it's now, we're looking, we're finding it hard to find where they have anything, have to stop it. We have to keep it open. I was gonna charge a fee, but instead, they'd rather they spend a lot of money in the United States, which frankly is better because I don't like the idea of a fee. It's gotta remain free because otherwise others will do the same thing. But I think we've made tremendous progress.

REPORTER: When you say the strait is open, what do you mean? TRUMP: It's open if people wanna go through it. We're not opening it for Iran. That's the only one it's closed for, it's closed for Iran both in and out, but it's open now.

Oil is flowing like never before, thanks to the awesome Power of the United States Military. A special salute to Secretary of War, Pete Hegseth, Chairman of the Joint Chiefs of Staff, Dan Caine, and Commander of the United States Central Command, Admiral Brad Cooper. Because of them, and all members of the Most Powerful Military anywhere in the World, BY FAR, the Strait of Hormuz is open to ALL Ship traffic except for Iran — and that is because of their lying, violent, malicious leadership, which is taking them down the path of TOTAL DESTRUCTION. We will therefore have a FULL Blockade, but only on Ships coming to and from Iranian ports, or carrying anything have to do with Iranian cargo.

Based on highly productive conversations with Middle East leadership, I have decided to replace the 20% United States Reimbursement Fee with Trade and Investment Deals that the various Gulf States will be making into the United States. Those Investments will be MASSIVE but, at the same time, extraordinarily good for them, and their future. As everyone is aware, we have the largest Dollar Investment into the United States, of any Country in History, but these new Investments will make that Number even larger, and we will see Factories, Plants, and Equipment pour into the United States at Historic levels, which will create additional millions of High Paying AMERICAN Jobs!

Iran has been very much destabilized and really, their military power is just a tiny fraction of what it was just four months ago. So they're not going to have that problem. I think it's really, in a sense, it's given them freedom to do what they have to do and I think that's one of the reasons that our oil companies are going in there at levels that have never been seen before.

REPORTER: I was wondering if you could explain your changing thinking on the Strait of Hormuz, applying a 20 percent fee. How did you get to the decision you just announced? TRUMP: Yeah. So when I put that out yesterday, as we've been doing that for many, many years, it was never fair to me, that we would be guarding the strait when we basically don't take anything -- we don't need the oil at all. And, it wasn't important for us, but it was important for allies. It was important for people that we get along with very well, including the major Gulf state countries. So I put it out yesterday.

I thought it was good. I was called by different people, different countries, kings and emirs and all of the people that we all know and we all love and they've been frankly, they've been very strong partners, and they said, we'd love to do it a different way. We'd love to invest in the United States with billions and billions of dollars and continue our record-setting -- because we would -- There's never been a time like this for the United States, with the factories, with the plants, with everything else, and we would like to invest tremendously in the United States as opposed to charging a fee.

I don't think anybody should be able to charge a fee for the, for the strait or for any other, strait relationship in terms of other sections of the world. I don't think anybody should be really in that position. But we were doing it as a reimbursement. The Gulf states are going to invest a tremendous amount of money into the United States, and that was very satisfactory to me. I think it's actually much better.

REPORTER: Two things, who controls the strait right now? Is it ours? Is it theirs? Is it neutral? TRUMP: We do. We do. We control it

Yeah, I want to be reimbursed because we're protecting a very rich portion of the world. We're spending money. And so what we've done is we are going to be reimbursed for protection. We're protecting by the countries that we're helping. [...] You know, we have more oil than any other country in the world. When you add Venezuela, which has been amazing, when you -- which has tremendous amounts of oil that we control. When you add Venezuela and everything else, we have more than 50 percent of the world's supply. We don't need it, but we need it from the standpoint of protecting allies, etc., etc., including Israel, including Saudi Arabia, including Qatar, including UAE. We're protecting all of them and we've done a very effective job.

The Hormuz Strait is OPEN, and will remain OPEN, with or without Iran. We are reinstating the THE IRANIAN BLOCKADE, so named because it is only stopping Iran’s ships or customers from entering or leaving. All other countries will have fair and open use of the Strait. The U.S.A. will be, from this point forward, known as ‘THE GUARDIAN OF THE HORMUZ STRAIT,’ but as such, and as a matter of FAIRNESS, will be reimbursed, at the rate of 20% on all cargo shipped, for any and all costs necessary to do the job of providing safety and security to this very volatile section of the World. The process and formation will begin immediately. Thank you for your attention to this matter! President DONALD J. TRUMP

We will become the guardian of the strait, maybe we’ll call it guardian angel of the strait and we should be reimbursed for that. When we do that we’re going to be reimbursed because the other nations are very wealthy, they’re on our side and we can't do that for nothing unlike we had for many years. You know, we guarded the strait for 50 years, more, and we never got paid for it. They made all the money and the United States, was just, you know, not. It is amazing, we never -- we guarded it for nothing. And now we are going to guard it and we’re gonna get paid for guarding it a lot of money. We just want to be reimbursed for doing all of this, for putting our people in danger.

We're taking over the strait, they have nothing

59% Approval Rating. Prices coming down along with the lowering of oil and gas. Thank you! President DJT

We attacked Kharg Island last night; we knocked out a piece -- I said, don't touch the oil because maybe we'll take over Kharg Island. We may take over Kharg Island, there's not a thing they can do about it. But I said, don't hit the pipes, just hit everything else.

They're never going to have a nuclear weapon and they admit they're never going to have it, but they behave badly, always behave badly. There's something wrong with them. But when we did this, we thought oil would go much higher and it didn't go very high, and now it's coming way down and you're going to see oil drop very low. Now maybe we'll do some other things that could lift it a little bit, but I don't think it's going to lift it a lot at all. I think oil is coming down.

The prices are coming down. And when the oil comes -- you know, the oil is coming way down. The oil dropped by 50 percent in the last month, and when that comes down, it brings everything else down. Its affordability and they came up with a word, affordability.

TRUMP: I brought it down and the oil is coming down very big. REPORTER: Brent crude is up slightly today on the -- TRUMP: A little bit, yeah, because we hit them. Any time we hit them, it goes up a little bit, to $2. REPORTER: Is that what you mean -- is that what you meant when you said that we might see oil prices lift a little in response to -- TRUMP: A little bit, yeah, $2, very little. It's down from, let's say $135, down to $69. It's dropping and everything else drops when -- as oil goes, so goes everything else. But any time we hit it, we hit Iran, oil goes up a little bit. It's all right.

As you know, the oil is down we'll see whether or not we keep it down. We should keep it down. We're doing things that should have been done 47 years ago with Iran.

I think it's a tremendous success, Iran. And you see the oil prices are lower than they were when I started and people like to say that.

The prices of oil are dropping like a rock. Now they'll be up a little bit and this will end very quickly. We have a tremendous -- we have an oil glut right now because we got all those boats out of the strait and it's going to drop.

Oil's coming down. Now I've got to, I have to make sure of one thing, that we don't have lunatics having control over nuclear weapons.

I think anything that happens is going to be over very quickly and will only make it safer, including for oil. Oil is going to be very free, very easy, and it's going to happen very fast. We have the Hormuz Strait; the boats have pulled out. I mean, there's a gusher of oil right now, we have a lot of oil.

We have a lot of oil. The United States has more oil than anybody. And when you add Venezuela to it, it's like, we have far more oil than any -- don't need the straits. We do this because we think it's an important thing to do.

Well, I think people know. Look, oil is now at a level that it was, I think it's even lower on a barrel basis, than it was before we started. We've gotten concessions. Now, they have to hold those concessions, but there'll be no nuclear weapon.

You know, one of the reasons we kept the oil down because a lot of people said, Kevin, and a lot of people were saying that oil could go to $300, $350 a barrel. But one of the reasons that prediction wasn't right is we were taking out on average of 10, but sometimes less, sometimes more. Three weeks ago, we had a night, 22 ships came out of the strait and the famous Strait of Hormuz. Nobody ever heard of, but it's some, that is some big money machine I'll tell you what.

REPORTER: You know what has been a really good indicator of what's happening in the war in Iran, or whatever the conflict, is oil. And regardless of what we hear from whomever has the stage in Iran, you've pointed out we don't know who's talking at any given time, there's different factions -- TRUMP: Well, we killed one group -- REPORTER: And then another. TRUMP: We killed the second level -- REPORTER: But 67, $68 oil. TRUMP: We're down to lower than we were before.

They cannot have a nuclear weapon. Or if you want to see market disruption -- so think of it. The oil today is at $68, the market is up to almost 53,000. The S&P, they said the S&P would never hit 7000.

Now, if I want to be the tough guy and close up the Strait for the next years, where 21% or whatever it might be, 20% 21% of the oil never comes out, and you can't get oil anymore -- you know, what a lot of people don't know one of the reasons it only went up -- it went up to like $115 If you remember. And I've seen guests on your show where they go, oil will be $350 a barrel, and there'll be a depression, because at 350 there's a depression.

I said we got to do something. We did something nobody knew. Every night, we were taking ships out through the South, which is the furthest point from where they have their little weapons, and they were going along the coast with no lights for a month and a half, a lot of ships came out. We had one night where we took 22 ships out. That's a lot of oil. Those are big ships, some of them are really big ships.

And those prices are all coming down and you see fuel is coming way down. It's dropping like a rock, just like I said, because those boats are coming out of the Hormuz Strait. They're coming out by numbers that nobody ever saw. We're setting records actually.

The oil is dropping. We have some great oilmen here. I don't know if they're happy or sad. I don't give a damn if they're happy or sad, I want the prices to go down. And the oil is dropping like nobody thought possible. But I told you it would. Total control, we have total control of everything.

The oil price is way down. We're down at $68, I see it hit $68 today. That's lower than when I started the -- I guess you could call it an attack on Iran so that they'd never have a nuclear weapon. So, the oil price is now lower, the retail prices, the gasoline is coming down rapidly.

You know, oil prices are way down. We hit $69 today. It was higher than that prior to the denuclearization of Iran, a fight that we have, which we're doing very well.

Gasoline Retailers must get their Prices down, IMMEDIATELY! They’re too high considering that Oil is now at $68 a Barrel, and heading south. The Retailers must quickly react to this statement, and do what they know is right — DROP YOUR PRICE FOR OUR GREAT AMERICAN PEOPLE! There will be no gauging, which is totally illegal. If Retailers don’t do this, big problems lie ahead! Start targeting around the $2.50 a Gallon number, and California should stop charging such heavy Taxes on their Gasoline. Soon the Tax will be higher than the Product itself, and the United States will not stand for it, nor will the People of California, who are being abused by these ridiculous Taxes, and by their own Government. President DONALD J. TRUMP

The big Oil Companies are not dropping their price at the pump commensurate with the sharply lower prices they are paying for Oil. Those prices are dropping like a rock! In other words, customers are being ‘gouged.’ I have instructed the DOJ to immediately start looking into this. Gasoline prices better start going down a lot faster than what I’m seeing! President DJT

WTI CRUDE - $69, and heading down. This is less than it was prior to the start of the Denuclearization of Iran! President DJT

GAS PRICES COMING DOWN, FAST! REPORT ANY ABUSES AT RETAIL LEVEL!!! President DJT

Mayor Mamdani, who came to the White House and seems like a nice guy, but he said he was going to do this in his campaign. Nobody thought he was serious. He said he was going to make sure that people don't have a rent increase, even though energy went up. It's going to come down. It's coming down fast right now. I hope you're watching what's happening. We had a low number just now, $69 a barrel. That was -- some people said it was going to be 350 by now. $69, is going to be $300, $350. Never hit those numbers at all, even in the height of it all, but what the mayor doesn't say is that these buildings will soon turn into ghettos and slums, and that everybody will continue leaving New York.

We had to take that detour to knock out Iran. If we didn't do that -- and we're still -- you know, we still have a fight. They have some capability, not much. They're not winning or anything, but they have some -- they can still shoot. You know, they shot a drone yesterday at a big ship going into the Hormuz Strait. They shot four of them, we knocked down three of them. One of them, I guess we didn't miss it, nobody saw it coming. And it hit a ship and did some damage. But you can't do that stuff. But very soon they will be -- we're going to be at $2.50 gasoline. You know, I was in Iowa making a speech the day before we did the attack and, again, we had to turn it around.

Over the past few weeks, the stock market and your 401(k)s skyrocketed upward like pretty much nobody's seen before. Oil prices are plummeting downward, and the world is a much safer place.

And I said, "We're gonna journey down. We're gonna do what we have to do." And we did. We knocked the hell out of 'em, and now we're negotiating from a position of pure strength, pure strength. They know that. And the strait's already open, and we're setting records in the strait.

We today have the highest stock market in history and oil is down now at the same price, a similar price, but maybe even, I think it's going to go lower, but it's dropped. It's about $70 a barrel. It was just about that level when we started the war.

They wanna make a deal with us very badly, and, uh, we probably will. I think we will. But the strait is open. Yesterday, they took out 19 million barrels of oil. That's the most in the history of the strait, and the oil prices are dropping like a rock. And you know, as goes oil, so goes everything else, including all of your products.

But what we're really doing well is oil is plummeting and costs are coming down. Affordability, we're doing great. The Democrats gave us a tremendous affordability problem, and we're reducing prices a lot.

REPORTER: Mr. President. Earlier today you instructed your Department of Justice to do an investigation for oil companies that you said gas prices were not coming down quick enough. And you are concerned that there is price gouging going on, taking advantage of the crisis, sir. Can you elaborate on that? TRUMP: So, it's ExxonMobil, it's Chevron, it's Shell, it's BP. It's a lot of them. The gasoline or the oil prices have come down so much and we are not seeing anything at the pump by comparison to what it should be. We should be, in my opinion, at $2.25 right now at the pump, and we're higher than that. And we are doing a big investigation on it, yeah. They're not reducing the prices commensurate with what's happening.

Look, we are sending out, think of it, 19 million barrels came out yesterday. That is a flood, that's like a gusher, that's an oil gusher, and they should be much lower. The gasoline prices, which really is what people see more than anything else, but, you know, for their car. But the gasoline prices should be much lower at the pump, and the oil companies are possibly gouging. I hope they're not otherwise they're going to be in big trouble.

Since the agreement, the stock market and your 401(k)s are skyrocketing upward. And oil prices are plummeting downward today. It hit a new low and the world is a much safer place. We had to make that little journey to Iran to do what we did. Very soon you'll be at $2.50 a gallon for gasoline.

And last week we signed a historic agreement to end the conflict with Iran, fully open the Strait of Hormuz, and accomplish what no president has ever been able to accomplish before. Iran will never have a nuclear weapon. That's done. And thanks to the power and skill of the United States Armed Forces, today Iran has no Navy, no Air Force, no anti-aircraft capacity, no missile launches, no manufacturing, and their leadership has been obliterated. And for the first time in 3,000 years, we are finally going to have peace in the Middle East.

I see that oil just broke the $70 number. Who would have thought that was going to happen? And that's during a war. And Iran is being very nice. They're agreeing to everything that I want, and they have to. Otherwise, we just go back and do what we have to do.

19 Millions Barrels of Oil flowed out of the Hormuz Strait yesterday, an all time RECORD. Oil prices are tumbling down, and the World is a much safer place!!!

And right now, as you probably heard yesterday, we had 19 barrels of oil, 19 million barrels of oil come off, and that's the biggest in the history of the Strait, the Hormuz Strait. Our stock market is through the roof and oil prices are tumbling. We actually hit for a moment today. In fact, I think it's going to break at $70 a barrel.

The average price of gasoline nationwide is down $0.60 a gallon just from a short while ago. And remember this -- remember this. We had to make this detour. We had to go to Iran and you can't let them blow up the Middle East and then us, if that's possible. We would have gotten them before, but they would have blown up Israel.

We just achieved a historic peace agreement with Iran to end the conflict in the Strait of Hormuz and by the way, yesterday, 19 million barrels of oil flowed out of the Strait of Hormuz, a very beautiful place. That's the most -- that's the most oil in the history of the strait. No. It's never been any -- you've never seen anything like it. It's called an oil gusher and most importantly, we are ensuring one thing very importantly, because this is why I did it. I did it for this reason, 99 percent for this, Iran will never have a nuclear weapon, and they've agreed to that.

Oil, for the first time in months hit, think of it, $70 a barrel. So we got it 70. That equates to a very low price that oil is going to come, charging down, and with oil comes everything else because I inherited from these Dumocrats.

Prices are coming down right now at levels that you've never seen. And now with oil crashing, you're going to see something really amazing.

I just want to say, before we introduce a couple of the people, we're doing very well with respect to the Hormuz Strait. We took in more oil yesterday than we've ever -- than has ever gone through the strait. You probably see that. We have an -- we have an oil gusher. The strait is totally open. You know that.

Well, a nuclear weapon supersedes depression. Depression's real bad. Nuclear weapon will cause depression much more quickly. The way we're doing it, we have the opposite of a depression. We're doing really well. The numbers are incredible. The oil is at a level that nobody's ever seen before. Oil prices are way down. I think they're very comparable to what they were. Chris, I don't know, pretty comparable to what they were before we started, right?

And two days ago, we set a record, most ever taken out of the straits. Pent up, but it's -- it's a record.

REPORTER: Vice President Vance said that there are mechanisms in place to make sure that there's not escalations with the Strait of Hormuz and with Israel and Lebanon. Can you talk about what those mechanisms are, and are you in direct talks with the supreme leader? TRUMP: Well, yeah. Look, look, here's the thing. As long as they respect us -- I don't want to use the word fear because that's an inappropriate word. But as long as they respect us, we're not going to have any trouble. We have total control of the strait.

Those ships are flowing out of the Hormuz Strait like nobody's ever seen before, actually. There were a lot of them, about 700 of them and they're pouring out and the oil is all over the place. You're gonna see oil drop so low, I hope the companies are happy about it.

An agreement that was signed last night and it's 60 days they have to make a deal otherwise we, we will do things that won't make them happy, but I don't think it's gonna get to that. I think it's gonna be very good. Remember, if we do that, then all of a sudden you're not gonna have the oil flowing out of the strait too quickly because people that own billion dollar ships don't love missiles flying over them, don't love mines all over the water.

I just do want to say, though, the stock market just hit a new all-time high. The 401(k)s just hit a new all-time high. And oil is dropping like a rock. Other than that, it's another day in paradise.

So right now, our stock market is through the roof. The oil prices are tumbling. The oil prices are practically the same as there were before I started. The big difference is that Iran will never have a nuclear weapon.

We wouldn't have oil for months. As long as you're dropping bombs, that thing is automatically closed because those ships cost $500 to a billion dollars a piece. They're not gonna be sailing with rockets. So just to finish, I just looked. Oil is tumbling. Their ships are roaring out of there. They wanna go home. They wanna drop. They're all full with oil. This is a gusher. I mean, this, we have seven or 800 ships are leaving. But if I attack them, none of those ships are leaving.

Inflation was really bad, but that wasn't the worst thing. The worst that, 'cause I inherited all this stuff. Look at what's happening with prices. Now they're coming down. And with the oil, they're really coming down. I had to make an excursion to stop a very volatile group of people that are smart.

Now, in addition to that, the strait is going to be open toll-free. And it's toll-free beyond the 60 days. It's not -- somebody said, oh, it's toll-free for 60 -- no, no, its toll free, period. When it opens permanently, it'll be toll free.

And we just signed a deal with Iran and this country was very, very -- a very powerful ally and good things are happening. The ships are starting to move now. We're going to have it fully open by Friday. The ships are starting to move nicely. Oil is starting to go, and the prices are coming down rapidly. Stock market is going up rapidly. A lot of good things are happening. And most importantly, Iran will not have a nuclear weapon.

REPORTER: Are you considering an increase on sanctions on Russia and whether it's illegal -- TRUMP: Well, soon we'll be able to do that because the oil is now flowing. So we put -- we took sanctions off because, obviously, we're not looking to impede the oil. So we're in a position to do that soon.

You're in a very good business because as goes fuel, so goes everything. Fuel is dropping. It's now in the 70s per barrel. And I think we'll get it down. When I say -- I was in Iowa and we had great victories in Iowa. And when I left, I noticed that a gas station, $1.85 a gallon. That's where we were. It was a little bit higher generally, but I saw two stations, $1.85, one had $1.91. And, you know, we're going to get around those levels.

REPORTER: Are there going to be sanctions, are there going to be real costs on Russia now that the focus has once again been shifted to the Ukraine-Russia war? TRUMP: We are looking at that. We're seeing how far the price of oil comes down. It's really tumbling, it's, I guess, $74, $75 right now, so it's down. It's soon going to be at the number that it was four months ago, it's pretty amazing.

Who's really happy is the market because the market's gone up thousands of points over the last four or five days since hearing about it, and the strait is going to be opening. It's already partially opened; it's going to be opening up soon in full over the next day or two. And the market has gone wild, and oil has come tumbling down. Oil is at $73, $74, and it's getting very close to where it was before the crisis.

I think people are going to be very happy, but there's nothing so smart as the market, and the market loves it beyond anything that I've actually seen. Again, the stock market has gone through the roof and oil has come tumbling down. I guess it's in the low $70s now, right?

Number one, the strait would never open because they don't like floating billion dollar ships up and down a strait when there are rockets flying over them and mines all over the place. So, the strait would never be open; it wouldn't be open for a long time. So, we have a very hot stock market and we have a very -- started to be a very low oil price and that's going to have a huge impact on affordability caused by the Dumocrats.

But we're bringing prices down a lot, and they're coming down fast. And with the settlement, so worthwhile, with the settlement where you're not going to have a nuclear weapon, and then we bring them down on top of that. And I think oil prices might get lower than where they were before the war.

You know, the reason oil stayed low is because we were taking ships out every night that you didn't even know about. Two days ago, three days ago, a month ago, we took out 22 ships. We averaged from 15 to 25 ships a night, nobody knew that. Our Navy did a great job; nobody knew what was happening. That's why oil didn't go to $300 a barrel. It went to $125, $115. Now it's at $72, $73. I heard it's lower than that now; I haven't seen it in the last couple of hours.

REPORTER: Sanctions on Russia, what are you going to do about that? Sanctions on Russia, like the oil waivers? TRUMP: Yeah, I may put them back on, yeah. I wanted to make sure that oil stayed as low as possible. Now that the oil price is way down, wait until you see those numbers, but it's way down, I may put it back on.

Oil prices are plummeting and that means oil prices are going to come down. You know, if you make donuts, you have a heating, you have a stove and you have to buy the heat. You need the gas or the electricity or whatever you're using. And when oil prices come down, oil is the biggest thing. Oil is, you get oil prices coming down and they're going to come down and we're hitting in the threes now for gasoline, and that'll come down a lot lower.

And oil is dropping like it has never dropped before, at levels, that went, in numbers down $7, down $8. They've never seen anything like that.

Maritime traffic through the Strait of Hormuz has already increased very substantially. And the normal flow of energy will resume in the coming days.

But if we didn't do this deal, we could have dropped more bombs for another three weeks, two weeks, four weeks, two years. You would never have the Hormuz Strait open. You would never have success. Your market would have, instead of going up at levels that nobody's ever seen before, would go down at levels that nobody ever saw before, maybe except for 1929 or whatever.

Don't forget, if we were going to drop bombs, let's say we went another month, another two, three months, maybe weeks, could be another three months. Could be whatever. What do you have left? Maybe nothing. But you don't have -- the strait will never be open because people that own billion-dollar ships, these ships cost $1 billion, they don't like sailing ships or having their ships participate when you go up the coast and you go through the strait and there are rockets flying over your head. They want to protect their billion-dollar investment. You wouldn't have oil for maybe years.

If we keep bombing, those ships won't be going and you're talking about $500, $600, $700 million a day. It's a lot of money, a lot of money. That's why the world is OK, it's liquid, it's fine. Also, we run out of reserves in about four weeks. There are reserves all over the world and we would really run out and there would be a time when you wouldn't be able to get it, and you want to see bedlam.

We can never let that happen to our country again. To me, the worst, the worst inflation ever. We had the worst in prices and costs. It's all coming down now because the oil is bringing it down. You're going to see numbers that are going to be amazing,

I mean, one of the things I was very intent on, they have water desalination plants, very good ones. I could have knocked them out in five minutes, just like I knocked out Kharg Island. I knocked out everything but the oil. I said 25 -- it was so complete. The only thing there is the pipes coming with the oil, because I didn't want to ruin the world market, because they do a lot of money. But I didn't want to do that. No. It would have been so easy. It would have been easier, and I would have satisfied a group of 10 percent of the people, but it would have been the wrong thing to do, and it could have caused a -- it could have caused an international depression, maybe not.

We took a little journey down to a place called the Islamic Republic of Iran, and we bombed the hell out of them, and now they can never have a nuclear weapon. Now, we had a disturbance, but I must say, it was much less than anybody thought. The oil never went to $350 a barrel, it went to $115, $120. The oil never went anywhere near that.

And the other thing, I thought the stock market would go down 25 or 30 percent. The stock market, a week ago, before we started this, was higher than it was when we started, which tells you that we have a very resilient economy. We have the strongest economy we've ever had.

And now that the oil is coming down, you're going to see everything follow. Everything follows the cost of energy and we're going to end up having the lowest energy anywhere in the world.

I don't think we're going to need much help because we have an agreement where it's going to be open and it's tollfree. We had a little argument on that. It's tollfree. So, I don't think we're going to need much help, but I don't think it's a bad idea to have a ship or two up here from a few countries. You'd be a great country to do it because you never know what happens. But I think it's going to be open and I think it's going to be free sailing.

This is a very powerful document and I want it to be released. So, probably pretty soon. I would say after sometime after Friday because the strait opens, it's open now, but it opens completely. We'll have all the mines knocked out for the most part. We have a lot of lanes right now already.

The Iran deal that we made is going to bring a lot of success to the world because the oil was really clogged up there for a while. He would call me on occasion say, ‘Come on, please. Let's go the oil prices,’ but the oil is coming way down.'

Very importantly, the oil is plummeting down and the stock market is shooting up like a rocket today, like record kind of numbers. And the oil has taken its biggest plunge and we're into the low numbers. Not quite back yet, Kevin, to the extent, but we're getting close to the numbers we were before it all started.

The deal's all signed and the strait is already partially opened. As you know, they're doing a little hunting for a couple of mines that they've already found. But it's essentially ships are starting to go out now, on Friday, it'll be completely opened.

Ships are starting to move, many loaded up with Oil, out of the Strait of Hormuz. They are going along the Southern ‘Highway,’ which is totally safe, secure, and pristine. There are other areas of travel, also!!! President DJT

The Deal with the Islamic Republic of Iran is now complete. Congratulations to all! I hereby fully authorize the toll free opening of the Strait of Hormuz, and, simultaneously herewith, authorize the immediate removal of the United States Naval blockade. Ships of the World, start your engines. Let the oil flow!

This Great Deal will bring Peace and Security to the whole Region. Many presidents have tried to make Peace with Iran, and all have failed before me. The Leaders of the Region have, for the first time, found a President who can help them achieve real Peace. With the opening of the Strait upon the signing of the Deal on Friday, for purposes of mine removal, oil will flow on both ends again for the Region, and the World!

And the strait is open. But the straits have been open for a number of months already and you just didn't know about it.

I mean, the straits are going to open immediately upon signing. Maybe it'll be Saturday or Monday.

REPORTER: And when this deal is signed, is the United States going to immediately lift the blockade? TRUMP: Yes, that's part of the deal. And we'll have oil prices dropping like a rock.

The strait will officially open as soon as we sign which could be soon, very soon, maybe over the weekend in Europe. I won't be able to be there, but JD will be there, vice president, and some of the people.

We bombed their radar and everything so they couldn't see what was going on. We took out some nights 25 ships, some nights 15. Last four or five nights we did 25, 22, 21, 26, 18, and 14. Who else would remember those numbers? Nobody. And but a lot of ships, a lot of oil is out. That's why oil, even before this, the market couldn't understand why it was so free. There was more oil than they thought what they're trying –to we took them out at night.

Oil's dropped. Oil will start coming down to I think even lower than it was before. We had, I said I was in Iowa. It was $1.85 a gallon. And I don't know if I'm going to get there, but we're going to get pretty close. It's going to come down. And when oil comes down, everything else comes down.

Millions of barrels of oil has come out, and that's why it's at $85, $90 a barrel instead of $250. But we have the greatest military in the world. [...] When this conflict is over -- Todd said, please call it a conflict, right? As opposed to the word war. He didn't like the word war, but it's sort of a conflict. It's a military operation. When it's over, you will see oil drop to where it was before. We're getting gasoline -- just before it started, I was in Iowa and we passed gas stations, $1.85 a gallon, and we'll be back at those levels very soon.

I said, I hate to do this to you guys, but Iran's going to have a nuclear weapon very soon. We have to go and attack. So we hit them with the B-2 bombers, which took a lot of courage. It was totally successful. We buried it, very hard to get. But now we had to make the second move. And I said, you know, the bad part is the stock market will go down by a lot based on predictions of experts, like 25 percent. And it was worth it. To me, it was worth it, not to have a nuclear weapon. And the other thing is that oil would go to $250 a barrel. It's at 85.

Because as soon as this war is over -- you know, I can say it now, something you didn't know. Do you know we've been taking out millions of barrels of oil. Nobody knows it. You know who doesn't know about it, Iran, until right now. We took out the other night 22 ships, late at night with no lights, because they don't have any radar because we blasted the crap out of it. We took out -- that's why oil is $85 a barrel.

REPORTER: Are you concerned, Mr. President, about the latest inflation number which came out this morning. Could that be a– TRUMP: No, I love it. The numbers were great. You know what I really love? I love the inflation. You know why? Because as soon as this war is over, you know, I can say it now, something you didn't know. Do you know we've been taking out millions of barrels of oil? Nobody knows it. You know who doesn't know about it? Iran until right now. We took out the other night 22 ships, late at night with no lights because they don't have any radar because we blasted the crap out of it. We took out, That's why oil's $85 a barrel.

REPORTER: Do you expect inflation to come down between now and – TRUMP: Oh, when. When the war is over, it's coming down. It's going to come down like a rock.

REPORTER: Is there an oil or gasoline price, sir, in this conflict that would prompt you to release more from the strategic petroleum reserve? TRUMP: Well, we are and we are releasing more from a lot of a lot of oils coming out of the Hormuz Strait. A lot of it is coming out and if you notice the price is not very high, relatively speaking. I mean, it's lower than during the Biden administration. And he wasn't stopping a country from having a nuclear weapon.

So out of my short one and a half years, we have, we've had 73 brand new highs on the various stock exchanges. And that's a record. Nobody's ever had anything like that. And that's during a military conflict. So, you know, pretty amazing. And even the oil and gas, it's lower during a military conflict than it was during the Biden administration. And they didn't have that because, to them, it was ok that Iran has a nuclear weapon. And I say it's not ok.

They cannot have a nuclear weapon. And Lindsey has been fighting with me all the way, all the way for that. We've been a very tough team, and I think we are winning that battle, but you're really gonna win it over the next two weeks when we declare total victory. It'll be a total victory. It'll happen very soon and oil prices will come tumbling down.

And when we have a completion, you will see things like you've never seen. The oil will go down. The stock market already, as you know, it's at an all-time high. Even in the midst of it, it hit all-time highs. We had 73 all-time highs in the short period of time that I've been in office, which is a record, by the way.

REPORTER: And yet, gas is up. Diesel is up. TRUMP: It's all coming down as soon as the war's over. REPORTER: Well, 70% of farmers say they can't afford fertilizer. What's your message to TRUMP:The farmers are doing very well.

Fertilizer was very cheap. Everything was cheap. Gasoline was very low. Everything was very low. I could've kept it that way. But I said, I have to take a little bit of a turn. The farmers are going to understand it better than anybody. We're going to have higher gasoline. We’re going to have a little higher fertilizer, et cetera, et cetera. But I'm going to get rid of a nuclear weapon in the hands of very dangerous people. Excuse me. Wait. It should've been done for 47 years. No president had the guts to do it. I did it, and I've done it. It's almost complete. As soon as that's complete, gasoline prices are going to drop like a rock.

REPORTER: Are gas prices going higher or have they peaked? TRUMP: They're going to come low, very low. They're going to go lower than they were before. REPORTER: Have they peaked? TRUMP: As soon -- Well, it depends. I mean, it depends where the war goes. It could be, I'll have to give them a shot, and it could be we'll sign an agreement. If we sign an agreement, it'll go down now. Otherwise, it'll go down after we're finished.

REPORTER: Mr. President, on oil and gas prices, I know you're saying that oil prices and gas prices will fall after the conflict ends. Would you limit exports of gasoline if prices in the short-term go up? TRUMP: We can do a lot of things. We have a lot of alternatives. But the beautiful thing from our standpoint is, we have more oil and gas and coal and everything else than any other country on the planet.

REPORTER: Are US oil majors doing enough to boost output in the US? Are you asking them to do more? TRUMP: Well, we have -- we have everything we need. The world doesn't. But I will say, people thought it was going to be a lot worse. You know, today, I looked at $96 a barrel. People thought that was going to be $300 a barrel. And in the meantime, we're having great success with Iran.

REPORTER: How much oil have you gotten through the strait with the help of naval escorts? And are you asking, are you directing US forces to guide those ships through the strait, more tankers through the strait? TRUMP: A lot. I don't want to say how many, but a lot. A lot of oil is coming into our country. A lot of oil is coming into the world that people don't even know about, and that's why it's at $97 a barrel instead of $300 a barrel. And when that whole thing is straightened out it shouldn’t take long, one way or the other it’s going to get done. And when it's all straightened out, you're going to have oil prices drop down to maybe even lower than they were.

Now, it's been, over the last couple of months since we went in for the military operation, you've seen fertilizer go up and you've seen energy go up. It's going to come down to where it was or lower.

We're going to come out of Iran very quickly and it's going to be very strong one way or the other, whether it's a piece of paper or the very tough way, OK? The very tough way is maybe the easier way, but we're going to come out and your fertilizer prices are going to go way down, just like they were four months ago. Your fertilizers down, your energy's down, your oil, your gas is all coming way down.

And frankly, I thought it would go much higher than it did. I thought, frankly, that gasoline would be much higher than it was. I was in Iowa, another place I like a lot, and it was just before we started the excursion to Iran. And we passed gas stations, it was $1.85 a gallon, and we're going to get them down to those numbers again very quickly.

If you want to call it a war or if you want to call it a military operation, you cannot let Iran have a nuclear weapon. And everybody agrees to that, no matter, almost everybody. But wait a minute, our gasoline prices are lower than they were with Biden without that. And he would have let them have, in fact, he inspired them to have, frankly, a nuclear weapon, him and Obama.

You know, we don't need it. We have our own, we have much more than we need in terms of oil and energy generally, but European countries and other countries, they need it tremendous.

We took a detour down to Iran because we can't let Iran have a nuclear weapon. Under any circumstances we can't let that happen. So, the reporters should be happy.

We had to take a detour as far as wishes for, and I'm very proud of that detour you know. By the way, just to finish off on that, we had the strongest stock market in history and I said, we have no choice, we have to do it. I knew it would affect it, but I was very happily surprised when I saw that today we had another stock market high.

Costs are coming down, you know, we took over the highest costs and the highest inflation in the history of our country. Costs are coming down. Everything's good and I hate to tell you this, but we've got to take a little detour and go down to a place called the Islamic Republic of Iran, and we're going to have to stop them from having a nuclear weapon.

But one of the other things that's important and very important is that immediately upon signing the memorandum of understanding, the Hormuz Strait will open, and it'll open up quickly, and we've already had our minesweepers there, you know, we're sweeping, as you probably have heard. And these are underwater minesweepers. They're great, amazing technology. They're underwater because usually when you're looking for mines, that usually means you have some dangerous characters out there this way. So we're underwater, but we've swept mines and we've gotten most of them, we think. So but, the Hormuz Strait will open immediately upon signing.

You know, Biden had like 9-10% inflation and I inherited that and we have it way down. And then I said, I did have to say we have to do something about Iran because regardless of how well we're doing, we can't let them have a nuclear weapon. And we, they've already agreed they're not going to have a nuclear weapon

Now, our country on the other hand has the best stock market we've ever had. We have, with the exception of the oil for a short period of time, because of the war. I mean, you know, other than that, we have very little inflation. The country is doing fantastically.

TRUMP: We don't have very much inflation look if you take away just the price of gasoline the energy we have very little inflation we're doing very well, other than this. So, but that's a big, that's a big puller. You know, energy and gasoline and all that's a big factor. DEVINE: People feel it. TRUMP: So, it's, you know, it's a very important thing item and that'll start coming down very rapidly as soon as this ends, when it ends. But what we will have is we'll have a situation where Iran will not have a nuclear weapon. And that's really more important than all of it.

We want low gasoline. You know, I had it, I had it down to a $1.85 a gallon. Think of it, a $1.85 in Iowa. I was in Iowa just before the war started and I had it down to a $1.85 a gallon in various parts of the country. And it'll be back there again at some point in the probably not too distant future. I think as soon as it ends, it's going to come.

It's already, by the way, it's already way down. You know that. I mean, I saw it the other day. It's $98 a barrel. So, everyone said it was going to be 300, $400 a barrel. It's $98 a barrel, but that's not a big price to pay. If you look at the possibility of them having a nuclear weapon, it's not a very big price to pay.

We did a little excursion down to the beautiful country of Iran or as they say the Islamic Republic of Iran. And we did that little excursion knowing that you know, hey, I just hit the highest stock market price in history at very little inflation. And I said, ‘Gentlemen and ladies, we're going to now have to make an excursion now because we can't let them have a nuclear weapon.’ And that's what we've said.

DEVINE: And how do you see the economy, Iran, by say Labor Day, September 7, where's our country going to be? TRUMP: I think we're going to be in very good shape. We're in good shape right now. We have the blockade, which is amazing. Our navy is great. Our milit- We have the strongest military in the world.

DEVINE: So you think the blockade will still be in place by Labor Day? TRUMP: I don't know. I mean, I think it could be, but I think it's unlikely. I think that we'll have it. I think this will resolve itself fairly quickly.

DEVINE: Do you wish you waited until after the midterms? TRUMP: I could have, but I, no, because this is, this is too important. If I did that, they would have had a nuclear weapon.

I think the oil will be dropping like a rock in the very near, you know, the very near distance. I think oil is going to come down very much. You have 1,700 boats right now that are loaded up with oil, and that’s going to be like an oil gusher. So I’m not worried about it at all, and the people understand it, and the only thing I care about, the thing I care about, I care about everything, but the thing I care about most at this point in life is that Iran will not have a nuclear weapon. And if they want to try and have a new nuclear weapon, I will blow them up to kingdom come.

Iran really wants to make a deal, and it will be a good one for the U.S.A. and those that are with us. [...] It is MUCH tougher for me to properly do my job and negotiate, when political hacks keep negatively ‘chirping,’ at levels never seen before, over and over again, that I should move faster, or move slower, or go to war, or not go to war, or whatever. Just sit back and relax, it will all work out well in the end - It always does!

Well, we're winning Iran. It's a total win for us.

Look, two things with, number one, the strait has to be opened immediately and has to be free, no tolls, et cetera, et cetera. And number two is they can't have a nuclear weapon. That’s all there is. It's very simple. And then we're going to get out of there and we don't need the Strait. You know, we don't need it because we have more. So we produce now because of us, me, we produce more oil than Saudi Arabia and Russia combined times two. Think of that. We double what they do. Add Saudi Arabia and Russia, multiply it times two, and we're going to be much higher. We’re the, we're the oil superpower, far greater than even Saudi Arabia, even Russia. But you add them up. These are two big monsters. You add them up, and we double it. We have a great country. We have had tremendous success.

So we're getting what we want slowly, very tough negotiators. It takes a long time. I'm in no hurry. I'd like to say I'm in a hurry because, you know, gasoline prices are going to come tumbling down. But if you're going to be in a hurry, you're not going to make a good deal.

REPORTER: How much economic pressure do you feel to get the Strait of Hormuz open? TRUMP: Well, you have to understand, the United States has so much oil that we are an exporter of oil. So we have plenty of oil. We're very lucky. We're blessed with the greatest piece of land in the world, from that standpoint.

REPORTER: Does that give you more urgency, Mr. President? You've said that you're in no rush to make a deal but with gas prices that are so high across the country, people are paying more for travel, does that give you more urgency to make a deal? Why doesn't it? TRUMP: Well, I'll tell you, the primary urgency I have, I said this, it wasn't covered properly, but the primary urgency is that we can't let Iran have a nuclear weapon.

Those prices are going to come down. They're going to come down fast. I think, I think that you'll see, actually, Todd, I think you're going to see lower prices than we had even before we did this. Now, I knew there'd be an increase.

REPORTER: But the American people, sir, are seeing higher gas prices. TRUMP: Yeah, they are. REPORTER: It's come down a little bit, but it's still $4.45. TRUMP: No, it's come down. It'll come down a lot. It'll come down to where it was before. We had it, when I was in Iowa, we had, we're driving by and we saw gas stations, $1.90 a gallon, $1.85, $1.87, were the three that we saw.

We had gasoline down to a very low number. I think we'll be hitting that number, shortly after that whole excursion ends. But regardless of anything, regardless of anything, as Marco said, better than anybody can say it, you can't let them have a nuclear weapon.

Iran is very much intent– they want very much to make a deal. […] Their whole economic system is broken down. They thought they were going to outwait me; you know, ‘We'll outwait him. He's got the midterms.’ I don't care about the midterms. Look what happened last night, that was the prelude to the midterms. People understand it, they know that, very simple, Iran cannot have a nuclear weapon.

So, we're producing right now more oil, by double, than Russia and Saudi Arabia combined. There's never been anything like that. We have, we don't need oil, we don't need the strait, we don't need anything. But we have more oil now being produced by double, by two times, than Russia and Saudi Arabia combined.

By the way, the oil prices are going to tumble as soon as I finish up with Iran, tumble, boom. I was in Iowa, I was in Iowa, we had it down to $1.85 a gallon in Iowa, but we had it down around the $2 point. And then I said, well, Lutnick, we're going to have to take a trip to, we got Scott Bessent, we got all of them. I said, we just hit 50,000 on the Dow, and I said, that's a record, highest ever. I said, sorry to do this to you, but we're going to have to journey down to the Middle East.

And we'll have that over with soon. It'll be over with soon, and you're going to see numbers like you've never seen, both on the upside and also in terms of costs. You're going to see costs go down.

But prices are down. But the big thing is, of course, energy. We had the energy way down, but I had to do a journey to Iran. I had to say, you know, we just hit the best markets. By the way, the stock market today is at the highest it's ever been and we've had 59 of them, 59 days out of a very short period of time where the stock market hit all-time highs.

And this is with the Iran conflict. That'll end soon, very soon. And when it ends, your gasoline prices will go down lower than they were before. You know, I left Iowa a few months ago, and gasoline was at $1.85 a gallon. And we'll be hitting numbers like that again.

So, we're going to give this one shot. I'm in no hurry. You never think, ‘Oh, the midterms, I'm in a hurry.’ I'm in no hurry. I just, ideally, I'd like to see few people killed as opposed to a lot.

We're gonna end that war very quickly. They wanna make a deal so badly. They're tired of this, this should've happened for 47 years. Somebody should have done something about it and it's gonna happen and it's gonna happen fast and you're gonna see oil prices plummet. They're gonna come down. There's so much oil out there, they're gonna come plummeting down.

Two and a half months ago, we hit the best numbers that we've ever hit as a country. Jobs the best. Everything was the best. Stock market the highest. And I called my people in. I called them in. I said, "Congratulations everybody, but we're gonna have to make a little journey down to a place called Iran.

I think we're gonna be finished with that very quickly, and they won't have a nuclear weapon, and hopefully we're gonna get it done in a very nice manner. Factory construction, as you heard today also is up. Housing starts are up, and consumer spending is up. All things that, we have an economy, people aren't seeing it yet.

Look, as soon as this war is over, gas is going, you know, I had gasoline down to $1.85 in Iowa. I was in Iowa and the stations had it at $1.85. But I was down to, in many cases, less than $2.00 a barrel, a gallon. And then I said to myself, this is great, we just hit a new high in the stock market, everything is going good. I'm sorry, but we have to go down and take a little journey down to, we have to do something with Iran. We cannot let them have a nuclear weapon. You want to see the world explode? You want to see a problem? And this is peanuts. And I appreciate everybody putting up with it for a little while, it won't be much longer.

I called Scott and Howard. I called them all into my office. I say, we're going to take a little excursion down to the Middle East, and we're going to confront Iran because they are desperate to have a nuclear weapon.

BAIER: Gas prices in America are still high, painfully high. TRUMP: They're going to drop like a rocket as soon as it's over. BAIER: Painfully high though now, and could be creeping higher before it's done. TRUMP: Well, lower than Biden. Excuse me, lower than Biden, and much lower than people thought they'd be.

When people hear me say it, everybody agrees. Short-term pain, it's going to be short-term pain, but the pain is much less than people thought, because people thought that the oil would go up to $250. You know, it was $99 yesterday, $99 a barrel. I thought it might go up to $200, I was okay with that, not that I wanted it.

When you tell somebody you're going to have to pay a little more, not that much more, a little more for gasoline, for a very short period of time, because we want to stop the threat of being blown to pieces by a lunatic, by a crazy person, and they are crazy using nuclear weapons. Everybody says that's fine.

The Strait will be open, they will not have a nuclear weapon, and the world will go on, and you will see gasoline prices drop, energy prices generally drop like no, but don't forget, they have a lot of boats that are loaded up with oil that are going to bring the oil out as soon as this is over.

[on his statement that he doesn't think about Americans' financial situations] That's right. That's a perfect statement. I'd make it again.

If I didn't make the little excursion to the country of Iran, I had to do it. We just hit the highest stock market ever, which by the way, now we're the highest, we're now higher than we were before the war started. And oil went up very little compared to what most people, even including me, I thought it would go up more, but it, that was okay for a short period of time because we, we cannot let Iran have a nuclear weapon.

It's going to work out very well. I think you're going to have so much oil, you're going to have a gusher of oil like you've never had before. So when oil goes up a little bit, I thought it would go up much more. If you go back three, four months ago, when we were contemplating, we assumed oil would go much higher. Yesterday was at $99, and if you think about it, I would have taken that all day long, because it's very simple. Iran cannot have a nuclear weapon.

As soon as this war is over, which will not be long, you're going to see oil prices drop and you're going to see a stock market, which is already at the highest point in history, go through the roof. You're going to see the golden age of America, frankly, and you're seeing it now.

When it's over, you're going to have a massive drop in the price of oil, which a lot of people thought would be higher. And I mean, it was a hundred, it was $99 yesterday, which is low, which is relatively low. When this war is over, oil is going to drop, the stock market's going to go through the roof and truly, I think we're in the golden age right now. You're going to see a golden age like we've never seen before.

REPORTER: When you're negotiating with Iran, Mr. President, what extend are Americans' financial situations motivating you to make a deal? TRUMP: Not even a little bit. The only thing that matters, when I'm talking about Iran, they can't have a nuclear weapon. I don't think about Americans' financial situation. I don't think about anybody. I think about one thing: we cannot let Iran have a nuclear weapon. That's all.

The economy is going to be unbelievable as soon as this war ends. It already is. They said we just broke the record for the best stock market. 401ks are booming for people. And I think we we're going to have I had the best economy in history in my first four years. And I think this one's going to blow it. But I had to take a little excursion down to the beautiful country of Iran. I had to do a little excursion and get rid of the nuclear weapons.

The economy is gonna be unbelievable as soon as this war ends. It already is. I said, we just broke the record for the best stock market. 401Ks are booming for people and I think we, we're gonna have, I had the best economy in history in my first four years and I think this one's gonna blow it. But I had to take a little excursion down to the beautiful country of Iran.

Secretary of Energy Chris Wright. Supposed to be the best in the business. Well, you know what? It's, I figured it would triple when we did, we had to make an excursion to the beautiful country of Iran. We didn't want to let them have a nuclear weapon. And we made the right decision. And we've got it pretty good. And those prices are going to come crashing down as soon as that's over.

Let me tell you, as soon as this is over with, Iran, as soon as it's over, you're going to see,, gasoline and oil drop like a rock. It's going to be dropping down like a rock.

And it's sort of amazing, you know, it found its way. So a lot of people thought oil would go to $250, $300. It's not. I mean, today it's at less than $100. Think of that. Now, when this ends, you're going to see a drop like a rock.

REPORTER: Are you considering maybe going back to that now that gas prices are more than $4.50? TRUMP: Well, no, gas prices have come down today. Have you looked? They've come down very substantially today. The gas prices, you know what's happened today? Gas prices are way down, and the stock market is way up today. So, gas prices have come down. And I saw today, that they broke negatively, in other words, to our positive position, they broke our way very substantially. And when the war is over, gas will fall down at levels that you've never seen before. You'll be down to where you were, maybe even lower.

And oil is coming down and the stock market today just hit an all time high. You know, I was reading about doom and gloom. We had to do, we had to do what we did. We took a little U-turn. We just hit the highest number in the history of our country with the stock market. And I said to my people, "We're going to have to take a little U-turn and go to the lovely country of Iran and blow them up a little bit because they're not going to have a nuclear weapons."

When, when this is over, I think you're going to see oil prices drop down to the levels where they were and maybe lower. There's a lot of oil out there.

But I thought we'd be down maybe 20 percent and we're up. The stock market is higher now than when we started this war. And I thought oil prices would go to $200, $250. It's at $100 now. And I think you're surprised and I'm surprised. But even if it went to $200, it would have been worth it, I understood that.

We had just set a record, 50,000 on the Dow, 7,000 on the S&P, a record. And I said, I hate to do this, but we have to make an excursion down to Iran because we can't let them have a nuclear weapon.

REPORTER: Gas prices in the United States are $1.48 a gallon? You said they would come back down. TRUMP: They’ll drop lower than they were before.

So, when I did this, I thought the market would go down 25 percent and I thought that was a great deal if it did. If it went down 25 percent, I was satisfied. I said, because we cannot let these people have a nuclear weapon, they'll use it, we can't. I also thought oil would go up to 200, 250, maybe 300, and I knew it would be short term, but I thought it would go up. I look today, it's like at 102, and that's a very small price to pay for getting rid of a nuclear weapon from people that are really mentally deranged.

When I first did this, I thought maybe the market would go down 20 or 25%. And I was okay with that because I know it would come back up, but I thought it would go down and I thought oil could hit $200, $250. Well, oil's at $100, $102, and you did too. Most people did.

When this war ends, gasoline and oil and everything, it's going to come tumbling down. But right now, as of this moment, the stock market has hit record highs. We have more people, again, working in the United States today than at any time in the history of our country. We are really doing well.

Now, gasoline is high, other prices are way down, but gasoline is high. But when this is over, you'll have a world without a nuclear weapon with Iran. If you allow Iran to have a nuclear weapon, the world would be in great jeopardy so it's not going to happen. As soon as the war ends, the gasoline prices will come down.

We got a little rise with gasoline. It’s going to come down lower than what it was. Don't forget, we had that gasoline down to $2 and below $2 in many cases. It's going to come tumbling down. There is so much oil out there. It's pent up. It's all locked up in the Strait of Hormuz, a beautiful place. It's, I think they have close to 400 ships loaded up with oil. When all of that gets released, when all of that comes out, these people tried to hold up our country for years and years, the world, by closing up the Strait of Hormuz. When all of that stuff comes out, you're going to see prices dropping on gasoline like you've never seen. And all of that, electricity, gasoline, anything having to do with energy.

Those ships are coming up instead of the Hormuz Strait. They're coming up. Those ships are coming up by the hundreds. They're loading up in Texas, Louisiana, Alaska but we had those beautiful words. We have plenty of oil we have more oil we have double the oil if you add up Saudi Arabia and Russia, we're more than double what they produced together. Think of that. The words are drill, baby, drill.

But I did something that was, I don't know, foolish, brave. But it was smart, I would do it again, but I thought the numbers would be much worse. I thought the stock market would go down much more. I thought the oil prices would go up much more.

Everyone's doing great, oil prices were very low, they were 60 and 70. They were buying oil for $2 and even less. Let's remember just a couple of months ago, you were at $2 and $1.85. I was in Iowa it was $1.85 a gallon. I said, congratulations. Now, I'm going to upset the apple cart for you, because we have to take a little journey down to a beautiful country known as Iran and we have to make sure that they don't have a nuclear weapon.

I said, look, we're going to have to make this journey. So, it's almost like we built up this great thing and then I said, now we have to break the eggs a little bit and we have to go and do it and the only thing that I'm surprised is that I really thought oil would be, Dr. Oz, we talked about it I thought oil would be much, much higher than it turned out to be. I mean, it's not low. It's certainly not low. It's going to come crashing down as soon as this war is over and they're getting decimated.

We had to make a detour to Iran. Everything will snap back. We were down to less than $2 for gasoline in Iowa. I was in Iowa two months ago, just before the, uh, the little skirmish took place, is taking place, and, price for gasoline was $1.85 a gallon. And we were a lot of places were $2, some below $2. And I believe it will snap back very, very quickly, as soon as, there's so much oil. These ships are loaded up with oil. They can't get out of the strait. We’ll, I think we're going to have it solved.

Core inflation has dropped to a five-year low, with the exception of oil prices, which is just I think most of the people in this room understand that. As soon as it's over, it's going to drop like a rock. I think it goes below where it was because there's so much oil. It's not like, it would be a problem if there wasn't a lot. There's so much oil out there.

The only thing that is up is the gasoline and that's coming down. But, you know, with all of this and I say it again, we had to do this little excursion because if we didn't, if they had a nuclear weapon, this world would be in, it would be a horror.

They used the Hormuz Strait as a weapon for many, many years. They said they'll close it, so they closed it. Then I closed it on them, which is sort of, they want a little business; they get no business. But it's going to work out because everything works out.

You know, it's amazing. I come into office and I say, ‘Wow, look at how high these prices are.’ And the Democrats start screaming, ‘Affordability, affordability.’ They're the ones that cause the problem. I'll tell you one thing, they got one good line of bullshit. That's one thing I'll say about it. They are so bad. They are so bad. It's true. Affordability.

[image of a graphic claiming that oil was down 25% or $30 per barrel cheaper since the Biden administration]

Wait until you see, when the war ends, even with the war, you know, we just hit a new high on the economy. Think of it. We hit a new high. We have the best economy. The stock market just now hit a new high during the war or the military operation, whatever you'd like to call it. I mean, we are doing great.

The gas will go down. As soon as the war is over, it'll drop like a rock. There's so much of it. It's all over the place, sitting all over the oceans of the world, and it'll go down.

So we can't let Iran have a nuclear weapon. [...] We had to do that. I took the greatest economy we have ever had and I said, we're going to have to take a little detour and stop that from happening. And that's what happened. And we have done a great job. And it'll come to an end very soon. And we're going to be very victorious.

I called all of these people and others and I said, "We have to take a little journey. I hate to do this. We just had the great number. We just broke 50,000." Wasn't supposed to happen during my term. Wasn't reachable. Did it in one year and I said, "We're gonna have to make a journey to Iran. They, they're gonna have a nuclear weapon if we don't do it."

I thought oil would go up to maybe $200 a barrel. And oil is at a very different number than anyone thought. In fact, this country is much lower because we have all the oil we can use. We're actually, ships are coming from all over the world to Texas, Louisiana and Alaska. They're coming from all over the world to get oil from the United States while this is closed, the Hormuz Strait.

REPORTER: If it does go to 200, are you OK with that, sir, if oil goes to 200? TRUMP: I think that there's nothing worse than a nuclear weapon that takes out one of your cities or two of your cities or three. I think there's nothing worse than a nuclear weapon that's going to destroy the Middle East, including Israel. I think there's nothing worse than Europe being under attack by people that have missiles now that reach Europe.

REPORTER: Excuse me. What do you say to the American people who question how much longer this will take? Obviously, you know that they are having higher gas prices? TRUMP: You are such a disgrace. Did you hear what I just said? Vietnam, how many years was Vietnam?

REPORTER: If you need more time, does that mean Americans should anticipate spending more on gasoline for the foreseeable future? TRUMP: For a little while. REPORTER: But how long? TRUMP: You know what they get for that? Iran without a nuclear weapon that's going to try and blow up one of our cities or blow up the entire Middle East. You want to see what shock would be? And I have to be honest; the stock market is at an all-time high right now. I thought it would have been down 20, 25 percent.

REPORTER: How long are you willing to wait until you get– TRUMP: Don't rush me. Don't rush me, Jeff. You know, guys like you, you want to say, oh, so we were in Vietnam, like, for 18 years. We were in Iraq for many, many years. We were in for all the, I don't like to say World War II because that was a biggie, but we were four and a half, almost five years in World War II. We were in the Korean War for seven years. I've been doing this for six weeks, and their military is totally defeated.

I said, "I hate to tell you, fellas, but we have to do a little bit of a detour. We have to go to Iran and make sure they don't have a nuclear weapon." We had just broken every financial record. And, the amazing thing is we continue to break them even during the war. Now, fuel went up, but I thought it would have gone up much more.

For those people, fewer in number now than ever before, that are reading The Failing New York Times, or watching Fake News CNN, that think that I am ‘anxious’ to end the War (if you would even call it that!) with Iran, please be advised that I am possibly the least pressured person ever to be in this position. I have all the time in the World, but Iran doesn’t — The clock is ticking!

We're going down to a place called Iran, and we're going to make sure that they never have a nuclear weapon because they'll use it to blow up [...] And they said, wow, that's going to be bad. I said, yeah, it's going to hurt the market, and it's going to drive up the price of oil and whatever it is. But that's peanuts compared to what would happen if we let this happen.

But the fact is that we took this little journey. And if you would have told me that the Dow was almost, I'm looking at your thing, I mean, literally, we're at 50,000. And if you would have told me that oil is at $90 as opposed to $200, I would be frankly surprised.

I thought the oil would be much higher and I'm very happy to say that it wasn't. And when it's over, and it will end, when it's over, you know they wanted it to be over immediately.

As we get them to no nuclear weapons in Iran, which is gonna happen, I think, very quickly, actually, we've just decimated them. But as soon as we get that, you're gonna see prices drop, you're gonna see energy come down like you've never seen it before. All these things are gonna happen. But I got rid of, you go right before, and even now, you go right before the, the fact that I had to make that little journey.

[on Wright's assessment that gas prices may not drop until 2027]: No, I think he’s wrong on that. Totally wrong.

We're ending wars all over the place by the way, with the exception of our little excursion and wait till you see prices fall. Did you see oil is down today and prices are down today?

We're having some fake inflation because of the fuel, the energy prices, which everybody said was going to $250. We were talking about that, Scott. They said $250, $300. I mean, today, what was it? It finished at $89 or $90, right? And that's in the, you know, we haven't settled yet, and maybe we won't, but I think, I think you're gonna be pleasantly surprised. [...] I had people, we have consultants, great guys that we both know, we see, and they're very talented. "Sir, if you do this, fuel is gonna go to $300 a barrel," right? One guy in particular who we like a lot. But I said, "I don't think so. I think we're gonna be good."

REPORTER: On gas prices, how much longer will Americans continue to see these high gas prices? TRUMP: Well, they're not very high, if you look at what they were supposed to be in order to get rid of a nuclear weapon, with the danger that entails. So the gas prices have come down very much over the last three, four days.

I think we're very close to making a deal with Iran. You'll be the first to know, but I think we're, we have a chance. And if that happens, oil goes way down, prices go way down.

BARTIROMO: You think gas prices will be lower before the midterm elections? TRUMP: I think they will be much lower, before the midterm, much lower, yes. On the assumption that we stop a country that could not have a nuclear weapon, [...] on the assumption that we have that settled hopefully long before that, and maybe almost immediately, could be very soon, when that’s settled, gas prices will go down tremendously, and gasoline and gas prices, cost per barrel, fill up your car, per gallon anyway you look at it, numbers will go down. Electricity’s going to go down. It fuels everything.

BARTIROMO: Oil prices are up 50%, the stock market had a tough first quarter. TRUMP: You’re right, but they're not up– BARTIROMO: You thought it was going to be worse. TRUMP: Honestly, I thought they would be much, and I was willing to do that to stop a nuclear weapon to be used against this country or the Middle East. Anybody in the Middle East. They we're going to take out the Middle East, to stop that, it was certainly worthwhile, it’d be much higher that it is right now.

If you told me at only 92 a barrel, $92 a barrel, I would've been very surprised, and you know what? I’m very happy, and it’s going to come dropping very big as soon as this as this is over, and I think it could be over very soon. If they’re smart, it will end soon.

BARTIROMO: Overall, the impact on the economy, do you expect it a hit to growth, do you expect a spike in inflation? TRUMP: Look, there is a hit, because we go through it for whatever it is, six weeks. There’s going to be a hit, but it’s going to recover I think fully. Somehow, they misquoted me. I think oil will be down to the level that it was, you know, they said I expect oil to be high at the midterms, I don't expect that. I think we will be around where we were maybe even lower.

BARTIROMO: Is this all going to be enough? The blockade in the strait, the opening up capacity in the United States, is this going to be enough to lower the price of oil and gas, sir? TRUMP: Well, it's going to be, eventually, it's going to be lower. No, it might not happen initially, but it's going to go down.

BARTIROMO: So, do you believe the price of oil and gas will be lower before the midterm elections? TRUMP: I hope so. I mean, I think so. It could be. It could be, or the same, or maybe a little bit higher, but it should be around the same.

Many Americans have been concerned to see the recent rise in gasoline prices here at home. This short-term increase has been entirely the result of the Iranian regime launching deranged terror attacks against commercial oil tankers and neighboring countries that have nothing to do with the conflict.

And, in any event, when this conflict is over, the strait will open up naturally. It'll just open up naturally. They're going to want to be able to sell oil because that's all they have to try and rebuild. It will resume the flowing and the gas prices will rapidly come back down. Stock prices will rapidly go back up. They haven't come down very much. Frankly, they came down a little bit, but they've had some very good days over the last couple of days. We've done actually much better than I thought, but we had to take that little journey to Iran to get rid of this horrible threat.

The United States imports almost no oil through the Hormuz Strait and won't be taking any in the future. We don't need it. We haven't needed it and we don't need it.

REPORTER: Mr. President, a couple of questions for you on Iran. But first, one that affects Americans here at home, gas prices. Today they hit $4. TRUMP: We have $4, yeah, and we have a country that's not going to be throwing a nuclear weapon at us in six months. REPORTER: Of course, but Americans are feeling the effects in the interim of this operation. TRUMP: And they're also feeling a lot safer. REPORTER: What is the plan to bring them back down? TRUMP: All I have to do is leave Iran, and we'll be doing that very soon, and they'll come tumbling down.

When this war ends, it's going to be like a rocket ship. I thought we were going to go down more, and I thought oil prices were going to go up higher than they are now. It's not finished yet. I'm not saying -- it's finished, but it's not finished. It's got to be finished. And I thought that we would see a bigger drop in stock. Hasn't been that bad.

Secretary Scott Bessent will discuss the actions that we're taking to address energy prices, which have not gone up as much as I thought, Scott, to be honest with you. And, you know, it's not over, so maybe it'll go up a little bit more. It's all going to come back down to where it was, and probably lower. And my predictions have been right.

Frankly, I thought the oil prices would go up more, and I thought the stock market would go down more, hasn't been nearly as severe as I thought.

REPORTER: You talked about gas prices coming down, obviously they will. Would you ever consider suspending the federal gas tax in order to kind of temporarily alleviate some– TRUMP: Well, some people should do that. [...] It hasn't, I mean, we've thought about it, I guess, but, honestly, when I did this, I knew it was going to be a little bit, we had the greatest economy ever. We had the greatest stock market in history. I said, we're going to take a little bit of a hit, a short-term hit. It's going to end up going much higher than it was, in my opinion.

I said, "We have to take a little bit of a detour." We have to take a little journey to a place called Iran where these mad people were going to have a nuclear weapon and they could do tremendous damage, not only to the Middle East and Israel, but also to our country because we would be next. And I said, "We're gonna take a little detour and we're gonna go and we're gonna knock them out."

I actually thought when I went on this excursion, as I call it, excursion into hell, excursion into a terrible place. [...] We had no choice, but I thought it would be much worse. I thought that the energy prices, oil price would go go up higher. I thought the stock market would go somewhat lower, but it didn't matter to me. It's short term.

The price of oil will drop like a rock as soon as a deal is done. I guess it already is today.

We got a problem in the Middle East. We have a country known as Iran that for 47 years has been just a purveyor of terror, and they're very close to having a nuclear weapon. We can keep going and get that 50,000 up to 55,000 and 60,000. There's no end. Or we can take a stop and make a little journey into the Middle East and eliminate a big problem. And, Pete, I think you were the first one to speak up and you said, let's do it, because you can't let them have a nuclear weapon.

REPORTER: Mr. President, the price of oil is way up. The stock market is dying. TRUMP: It's going to go down. REPORTER: Did you miscalculate the cost of going into Iran? TRUMP: No, no, no. No. We're not giving a nuclear weapon to terrorist thugs and we're, we're knocking the hell out of them.

REPORTER: But did you expect the economic effect? TRUMP: And, no, I expected worse, actually. I really thought, I thought that oil prices would go much higher when I did that.

I said, "I have to go off on that path and I have to take a little journey." [...] But we had to go off on a circuitous path and take care of business and we have, we are in the process of doing it. And I'll tell you, I think we're weeks ahead of schedule.

REPORTER: Mr. President, do you intend to lift sanctions on Iranian oil? And do you intend to potentially put US troops or more troops in the region? TRUMP: No. I'm not putting troops anywhere. If I were I certainly wouldn't tell you, but I'm not putting troops, and we will do whatever is necessary to keep the price.

Everything was going great, the economy was great, oil prices were very low, gasoline was dropping to -- I mean we had $1.99, $1.85, we had great everything. And I saw what was happening in Iran and I said I hate to make this excursion, but we're going to have to do it. And I actually thought the numbers would be worse. I thought that it would go up more than it did. But we're doing this excursion and, when it's completed, we're going to have a much safer world.

So, I wanted to put out that fire and I said, you let me do that, oil prices will go up, the economy will go down a little bit. I thought it would be worse, much worse actually. I thought there was a chance it could be much worse. It's not bad and it's going to be over with pretty soon.

We had to do a little excursion, if you don't mind, little excursion to take care of nuclear weaponry in the hands of maniacs, but other than that, in a couple of weeks, and won't be much longer, it's moving along fast. We're way ahead of schedule.

It'll bounce back so fast, the oil prices will drop like a rock and the economy is so powerful, so strong.

We took a little bit of a journey, a little bit of an excursion over the last two weeks because we thought we had to do something about very bad people that want to have nuclear weapons.

I called it an excursion. I didn't want to make this journey. We had the highest stock market in history. We had low gas prices, everything was good and I know exactly, I know what, you know, you're going to do it and people are going to raise the price of oil. But I know that, but that's a very small thing compared to allowing them to have, you want to see a stock market go down? Start letting them hit you with nukes, OK? I said it this morning, I think it's a very small price to pay and frankly, I thought it was going to go down much more, if you want to know the truth. I assumed that it was going to go down much more.

REPORTER: Have your advisors told you anything in terms of how long we can expect gas prices as high as they are right now? TRUMP: I don't need advisors to tell me that. I know what it is. [...] I can tell you that when this is over, oil prices are going to go down very, very rapidly, so is inflation, so is everything else.

But frankly, much more important than short-term or even long-term oil prices, you can't let the most violent, vicious country in the last 50 years have a nuclear weapon, because the Middle East will be gone.

The prices are gonna come tumbling down as soon as it's over and it's gonna be over pretty quickly. [...] I can't say that, you know, gee, I, I don't want have any impact on oil prices for three or four weeks, or two months, and we're gonna let Iran have a nuclear weapon and blow up the entire place and beyond, right?

Well, I think your gas prices, as soon as that's over, are gonna come tumbling down along with everything else. I think it's going to be, you're gonna see a very big decrease in the price of gasoline, gas, anything having to do with energy, as soon as this has ended.

Look, we took an excursion. We had the greatest economy ever. We still do. And we have to do a little excursion to get rid of mad, mad people, crazy people that have, that wanna have nuclear weapons.

The United States is the largest Oil Producer in the World, by far, so when oil prices go up, we make a lot of money. BUT, of far greater interest and importance to me, as President, is stoping an evil Empire, Iran, from having Nuclear Weapons, and destroying the Middle East and, indeed, the World.

I'm pleased to report that earlier today, the International Energy Agency agreed to coordinate the release of a record 400 million barrels of oil from various national petroleum reserves around the world, which will substantially reduce the oil prices as we end this threat to America and this threat to the world.

And my administration, as you know better than anybody, is also working to keep the oil flowing. It's all flowing all over.

And we did a little excursion, we had to take this little couple of weeks, few weeks of excursion, but it's been incredible. [...] We're doing our job, so we had to take an excursion, but it's doing well. The market's holding up well. I figured we'd be hit a little bit, but we were hit probably less than I thought, and we'll be back on track in a pretty short while.

Prices are coming down very substantially, oil will be coming down. That's just a, that's just a matter of war. It happens very, you can almost predict it. I would say it went up a little bit less than we thought. It's going to come down more than we, than anybody understands.

We had to take an excursion. But it's doing well. The market's holding up well. I figured we'd be hit a little bit, we were hit probably less than I thought, and we'll be back on track in a pretty short while. Prices are coming down very substantially. Oil will be coming down. That's just a, it's just a matter of war. It happens very, you can almost predict it. I would say it went up a little bit less than we thought. It's gonna come down more than we, than anybody understands.

This is an excursion, a little excursion, and I think it's only that. And in that little time, that short period of time, we've taken care of business. We took care of a country that was very dangerous, very bad, would've had a nuclear weapon if it weren't for me and the B2 bombers and what we did not very long ago.

REPORTER: I want to ask you about it, something that's on everybody's mind, gas prices. Last few weeks folks have been seeing them go up. Are you looking at a threshold for the Strategic Petroleum Reserve? Saw the announcement from the IEA earlier today. TRUMP: Well, we'll do that, and then we'll fill it up. I filled it up once, and I'll fill it up again. But right now we'll reduce it a little bit, and that brings the prices down.

In recent years, the regime and its terror proxies have launched attacks on hundreds of commercial vessels. We're putting an end to all of this threat once and for all. And the result will be lower oil prices, oil and gas prices for American families. We've done that, we've done it. We brought it very low. This was just an excursion into something that had to be done.

You know, Iran was supposed to be this big, powerful country. We wrapped the hell out of them and, you know, I don't know when they cry uncle, but they should have cried it two days ago, right? But they don't have anything left. In our country, inflation is plummeting, incomes are rising, the economy is surging

Short term oil prices, which will drop rapidly when the destruction of the Iran nuclear threat is over, is a very small price to pay for U.S.A., and World, Safety and Peace.

REPORTER: Are you worried about gas prices right now? TRUMP: No. This is a short excursion into something that should have been done for 47 years. 47 years it's taken to do this, and no president had the guts to do it.

This is an excursion. We figured oil prices would go up, which they will. They'll also come down. They'll come down very fast, and we will have gotten rid of a major, major cancer by the face of the earth.

I don't have any concern about it. [...] They'll drop very rapidly when this is over, and if they rise, they rise, but this is far more important than having gasoline prices go up a little bit.

Yesterday, my administration announced decisive action to help keep down the oil prices, including offering political risk insurance for tankers transiting into the Gulf. As you know, pretty dangerous territory. Further action to reduce pressure on oil is imminent and the oil seems to have pretty much stabilized. We had it very low.

But I had to take this little detour if it's OK with everybody. Scott, it's OK with you? Scott's the one that has to put up with it.

So, if we have a little high oil prices for a little while, but as soon as this ends, those prices are going to drop, I believe, lower than even before.

REPORTER: Mr. President, after yesterday's diesel announcement, should the federal gas tax be suspended? TRUMP: Well, we're thinking about that.

The Hormuz Strait, tremendous amounts, millions of barrels of oil has been delivered just over the last couple of days. We're getting it through at levels that were now even and sometimes exceeding prior to the war.

Well, it hurts housing, but the rates are going to come down when the oil comes down. The oil comes down as soon as we finish off with Iran and that's going to be very quickly. We're going to have that taken care of very quickly. Iran is now in desperate condition, as you know, unfortunately for them, but they're in desperate condition. And as soon as that's finished, oil will go down lower than it was before we started.

I think the war is -- when you call it a war, it's a war that's been won from the standpoint of what we have to do. We have to get rid of no nuclear weapons for, as you know, for Iran. Uh, I think when people hear that we've done what other presidents should have done for many years, for -- now we're up to 51 years.

There's no more nuclear weapon threat. They are a mess right now. And what's going to happen will be as soon as that's over, which will be shortly, oil prices are gonna come tumbling down.

And Texas, as you probably heard, is now producing more oil than at any time in its history, and we're distributing that oil all over the world, because when that war ends, it's going to be very soon. It's going to very soon -- they're, uh, a failed nation. They are a failed nation. They got a little spunk left, but not much, not much. We -- you know, we took out more oil out of the Hormuz Strait in the last three nights than at any time in the history of the strait, took out more oil. And just last week, I announced a deal that we reached to build a colossal new natural gas power plant to lower your electricity bills.

And just as I promised, I am ensuring that Iran will never have a nuclear weapon. They will never. They know that. They know that. And we'll be out of there soon and you watch those oil prices come down like a rock and watch everything -- everything else is coming down. Oil is coming down. You know, we pay less in oil -- and we did that whole thing with -- because that was a big operation.

When I went in, I thought it could be much higher than that. But we are paying less than under the Biden administration and he didn't do anything. He gave you the highest inflation in history. He didn't do anything. But you want to see trauma, you want to see problems, and I said it the other day, let them hit a missile into San Diego or Los Angeles on the way.

Oil will drop like a rock as soon as we're finished with the war, which will be very soon. It's going to be very soon. One way or the other, we'll be finished with it. But oil will come down to levels that were, I think, maybe even lower than they were before the war started.

With all of that being said, we don't need their oil. Others need their oil and they need it badly. But we're getting it out and we're getting it out at record levels.

Yet oil shipments from outside of Iran, right now they're back to almost higher than they've ever been. In other words, the Hormuz Strait belongs to the United States Navy and the United States of America. That's where it belongs, and that's where it is right now.

And we're getting along great with Venezuela. We're taking out billions and billions of dollars of oil. We've paid for that voyage, that little voyage we made, many, many times over. You don't hear that much anymore in this country. But to the victor belong the spoils, right?

And I have to say, what's driving up gasoline is really no longer the Strait of Hormuz because record numbers of barrels are coming out of that right now. Right now as we sit, I mean, we're bringing in ship after ship. Every once in a while they throw a little missile. We go, bing, that's the end of the missile. We knock it out. How cool is that, you know?

And my administration's also taking historic action to dramatically lower the cost of gasoline and diesel. It's already, and again, remember this. I stopped them from ever having, how about those B-2 bombers? Bing, that was the end of that. But I stopped them ever from having, and as I said before, our energy, our fuel, our gasoline is less than it was under Sleepy Joe Biden, and he didn't do crap, that guy.

And today I'm announcing another unprecedented step to bring down costs. For many years, farm vehicles, construction equipment, and other off-road vehicles have used what is known as red-dyed diesel. Do you know what that is? I don't know what the hell it is, but whatever it is, it's supposed to be very good. Does anybody wanna explain it? Red-dyed diesel, everybody, which is exactly the same as normal diesel, but is sold tax-free for off, the off-road vehicles and big trucks. So tonight –They, oh, these guys know exactly what I'm talking about. They're gonna be very happy in about two seconds. So tonight I'm going to sign a historic executive order to officially waive the off-road requirement and allow anyone to purchase tax-free red-dyed diesel for any reason.

But the word refineries where Russia's, losing a lot of refineries because of Ukraine, that has to do with a lot of the, diesel that you see where ours is being, think of it, the blue states are closing up refineries. California is closing refineries. Think of it. And they're, I don't even count their oil price because if you do, they're paying two and a half dollars more than anybody else, probably almost in the world, but they're paying two and a, do you know, California has a lot of oil underground? They don't wanna get it. And California has refineries that they close up and they close up their refineries.

But it'll end very quickly, and prices are gonna come down very sharply. You might say, ‘Please, please, sir. It's going down too fast.’ You watch, you watch what's gonna happen in a very short period of time.

So, we'd been in Venezuela for one hour and 48 minutes, took over the largest oil supply outside of our own in the world. Think of that. And even our own. We were number three or four in the world. Now, we're number one. We're twice the size of Russia and Saudi Arabia combined, without Venezuela, without. But they don't talk about Venezuela.

So I was riding in Iowa. I made a speech there, and I passed a gas station, $1.95 a gallon. I passed another station, $1.85 a gallon. We'll have it lower than that in a very short period of time.

But we're gonna have that over with. Then oil is gonna come down lower than it was before.

You know, we're taking out more oil out of the Strait now than we did before the war. And they'll shoot it us a little bit. Their shoot being we knock it down like it's, it's crazy.

And that'll end very quickly, one way or the other very soon, maybe a little after the election, maybe a little before that, but it's gonna end very soon. When that happens, the oil will come tumbling down.

You know, by the way, we're kicking Iran's ass. You do know that, right? And that'll end soon. It's gonna end one way or the other. It's gonna end very soon and your prices are gonna come tumbling. All your prices have been tumbling down. In fact, oil is less than it was under Biden, just so you understand. And we are saving this country from a problem and the Middle East and Israel and everybody. We're saving the world from what could be one of the worst tragedies ever.

Now, one of the problems we have is the refineries in Russia are being hit pretty hard -- having to do with diesel, not regular gasoline, but diesel. So, that's a problem but it's all working out very well. And now Europe is putting up a lot of their diesel. They have big reserves of diesel, they're putting it up, we're putting it up and everybody's working together. And oil prices are coming down and here's the nice part -- Iran will never have a nuclear weapon.

Gasoline prices are going down very rapidly. When the war ends, they'll drop like a rock and the war is going to end very soon. One way or the other, the war is going to end very soon and we're bringing out record amounts of oil, as you know, in the Hormuz Strait, record.

Do you think Ukraine will stop attacks on Russian oil refineries? Have you talked to them? TRUMP: We've talked about it, we have, and I think they're slowing it down. But they are causing a lot of problems. The lack of refineries is the problem; we have tremendous amounts of oil coming out of the hormuz strait. We have that so good, but we have a lack of refineries because of the war having to do mostly with diesel.

But it's all gonna come pouring down as soon as the war's over, which will be very soon and we will not have Iran having a nuclear weapon. And that's gonna be, I, and I say it and I say it proudly, a relatively small price to pay for keeping nuclear weapons out of the hands of a lunatic nation.

Well, we're doing a lot better than that. One thing is we're bringing up $12 billion of subsidy to get in. Where do you do that, the car fuel, the gasoline goes up a little bit. Uh, we also have a contribution from Europe. They're gonna contribute billions of gallons of diesel. They have a lot of diesel. They've had it in Europe. And so we're gonna get it down.

Yeah, I inherited high costs from the Democrats, or the Dumocrats, as I call them, because their policy is so bad. But we inherited a lot, and we've got the prices down. Oil is coming down. Oil is right now lower, and it's been lower than it was under the Biden administration. And they did nothing about the fact that Iran cannot have a nuclear weapon.

REPORTER: Have you come any closer to make your big decision on Iran? TRUMP: We have a decision that I'll make about Iran. Iran's been decimated. So the only question is, it'll either be the easy way or the hard way. We'll have it the easy way or the hard way.

We're great for Venezuela too. They're getting, they, they never thought they could see anything like what's happening. The big oil companies have been put in there by us and we're taking out, we're extracting massive amounts of oil. Billions and billions of dollars a week. Actually billions of dollars a day.

Their economy is down the tubes. They have -- one thing they really do have, it's called inflation. They have about 310 percent inflation and we'll see what happens. But as soon as -- it's going to end very soon, probably right after the election. But as soon as it does end, oil prices will come tumbling down.

But remember about the oil. You're paying a price, but boy, is that a small price than what it would be if these lunatics were allowed to have a nuclear weapon and used it on Mobile, Alabama, okay, not going to happen. And we've had tremendous support. We've really had great support. But you'll see those come down.

Remember though, oil prices now are lower than they were under Biden, and Biden didn't do anything about nuclear weapons. He didn't do anything about anything.

That war is going to be over soon one way or the other. One way or the other, it's going to end very soon, and probably right after the midterms. But it's going to end very soon, and oil's going to come plummeting down lower -- I think maybe even lower than it was when I had it -- I was in Iowa making a speech, and I passed two gas stations. And I noticed -- I look at these crazy things. You know, in the old days, I didn't look so much. Once you become a politician, you tend to look, how much is gasoline at this moment in time. $1.95 and $1.85, right?

Venezuela's been amazing. We've been working with them, and we're taking out billions and billions of dollars of oil, and we're going to be filling up very shortly our strategic reserves for nothing, nothing. We're going to say that oil goes there -- Be amazing. And we have a great relation -- and the people of Venezuela are happy now because it was tremendous land, tremendous value, but it was -- you know, it was a different system. It was a system that they want you to go under, by the way. That's exactly what it was.

Earlier today, I spoke with members of the G7 nations, and I'm pleased to report that we have reached an agreement for Europe to release massive amounts of diesel fuel from their heavily stocked reserves, and that's starting immediately. Great. And the price of diesel is already coming down, but you'll see it come -- but you're going to see all this stuff really come down once we finish off Iran one way -- by the way, one way or the other, it's going to happen very quickly.

REPORTER: Mr. President, is a diesel export ban officially off the table now that you're getting supply from Europe? TRUMP: No, no. We were never gonna do it. I don't think we ever, but basically, Europe was great because they're putting a lot of diesel oil out there. They have diesel. They use diesel disproportionately more than most, and they did a great thing.

REPORTER: Sir, your diesel deal with Europe. How'd that happen, your diesel deal with, your diesel deal with Europe? TRUMP: Yeah, I asked for it. Europe has a lot of diesel, and they're, they're gonna be making a major world contribution, and so are we. And we're not gonna be, doing the export ban. We're gonna be doing what we're supposed to do. But I did ask them, and they're gonna, we're gonna have a lot of oil very shortly, as soon as Iran ends, which won't be long. Not gonna be long, and you're gonna have oil go down to the price it was before, maybe even lower than I got it at the beginning.

They have some diesel, but the prices are coming down. All prices are coming down. So we inherited the worst numbers ever from the Democrats and we're bringing them way down. Inflation is very little problem right now. The one thing we have is oil is a little high, but oil is much lower than it was for Biden.

Iran will very soon be ending one way or the other. It'll either just say, look, they have 301 percent inflation. They have no money, they have no currency. Their military has been defeated, their navy is gone, their air force is gone, everything's gone. And one way or the other, it's going to end very quickly. And when that ends, oil prices are going to drop like a rock.

And Venezuela, it's been a great situation. The people are happy, and I'm very happy, and we're taking a lot of oil and we have a great relationship. If Venezuela is making a lot of money and so are we, we're going to start filling up our national strategic reserves with the Venezuelan oil for very little money, and it's going to be great.

Look at inflation. I inherited the worst inflation in history under Biden, worst in history, and now it's great. It's really good. We've got it down. And oil is going to come down very, very soon.

Oil is coming down as soon as Iran is finished and they're finished pretty much right now. We're getting more oil out of the Hormuz Strait now than we did before the war.

No, costs are coming way down. The Democrats gave us the highest cost in history. They gave us the highest inflation in history. As you know, costs are coming way down. Oil is lower now than it was in the Biden administration and the difference is, Iran will not have a nuclear weapon. They would have had a nuclear weapon in the Biden administration.

Iran now has got 301 percent inflation. Their money is valueless. Their economy is gone. They have no military. They have no anti-aircraft computers. They have very little going, and we control the strait. We took out more oil in the last two days than at any time in the history of the Strait, and that includes before the war.

So we have the greatest economy in the history of our country. We inherited tremendous inflation from Biden, the Biden administration. We brought the prices way down, including oil is less than Biden. And we have Iran, who will never have a nuclear weapon, and they're ready to fold any day now. Frankly, I think maybe before, maybe right after, but oil prices are gonna be tumbling down, gonna be lower than they were even before the war started. We had no choice. We had to stop Iran from having a nuclear weapon. Almost everybody, when they see it, almost everybody agrees. It had an impact on oil, but not nearly as much as people thought, frankly, less than I thought. And very shortly, oil will become really tumbling down.

You know, they always come up with these words, affordability. So the fake news starts using it because they're partners with the Democrats. And the fake news would say -- oh, they say it all the time to me -- ‘What about affordability?’ And I'm saying, ‘What about affordability? The prices are high.’ I said, they're lower than they were. And think of it, gasoline's lower than it was with Biden, and we knocked the hell out of a country that was gonna try and kill us, probably. The word probably is very important. I would say more than probably. They would've taken a shot.

And here in Texas, we have unleashed our great American energy workers and Texas oil production has reached the highest level in history by far -- not even close.

And when it's over, oil is gonna go like that. [Trump points down] In the meantime, prices have come way down, oil prices.

Every once in a while they'll try and drop a mine in the water. Usually we’ll take them out before they do it. But when mine goes in the water, if you have a billion-dollar ship, you know, you don't love, you don't float, love floating a ship down the Strait of this. One little mine. So they could be a nuisance, but, we have that in control. When that happens, when that ends, which will be very soon, one way or the other, it's gonna end.

And what happened, and what happened is, we're taking out, millions and millions of barrels of oil, in some cases more than before the war. They don't wanna report that, the fake news. And it's gotten bigger and bigger.

And they said oil would go to $300 and $400 a barrel. Well, today it's at 90. And the last few days we've taken out more oil from the Hormuz Strait. Our Navy is unbelievable. They put up a blockade. We're the only ones that could get through or somebody that we want. Iran hasn't had one ship get through. Not one ship in months.

We just had the best numbers we ever had. And I went to Lutnick and I went to, I went to Scott Bessent, I went to all our people. Jamieson Greer, great trade representative. I said, ‘Fellas, we just had the greatest numbers in history, but we're gonna have to do a little detour because Iran is about to have a nuclear weapon.’ They were three to four weeks away, maybe sooner. And if they have a nuclear weapon, the whole game is over. We can't let them have. So in the midst of our great, when gasoline was, I was in Iowa making a speech, and it was $1.95 a gallon. Another station was $1.85 a gallon. I remember those two numbers like magic. Good memory too, but that was an easy thing to love and remember. And I said, ‘Fellas, I'm sorry to do this to you, but we have to put out the fire in the Middle East because they'll blow up Israel. They'll blow up the Middle East and then they're gonna start hitting us in Europe.’ They're crazy.

We are sending millions and millions of barrels of oil to Houston and other places, Louisiana, Houston, Alaska even. We're refining it at levels we've never seen before. Soon we're gonna be starting to fill up our strategic oil reserve. And we're gonna do it at almost no cost. We're gonna get it for almost no cost.

We're bringing prices way down and oil is lower. Gasoline is lower than it was with Biden despite the fact that we have a war going on with a country that will never have a nuclear weapon and is ready to fold up. We'll win very easily right now.

And Venezuela has now been, you know, great. We -- we're helping the people become rich again. We're -- the big oil companies are moving in. We've taken out many, many times the cost of the war in oil and getting along really well, really, really well.

And in fact, in the last three days more oil has come out of the Hormuz Strait than at any time in the history of the Hormuz Strait. I'm not just talking about I'm not talking about since the war. I'm saying at any time in history. It's been -- it's been pent up. So, we don't -- you know, the fake news doesn't like talking about it, but I like talking about it.

You know, one mine -- if they drop one mine and they say there's a mine, they ship -- you know they don't want to take their billion dollar ships through the Hormuz Strait. But again, and, you know, we had more oil coming out over the last two days than at any time in history.

REPORTER: Mr. President, have you decided to ban diesel exports? TRUMP: I'm thinking about it. I speak to Chris and Doug about it a lot. They sort of think it's -- it'll help diesel, but it might raise the price of other things. And I think we're in a good place because oil prices are going to start to come down. Tremendous oil is coming out of the Hormuz Strait now. We're running it.

The Democrats caused the highest prices in history and they have -- it's considered the worst inflation in history, and we have it down now to a very good number. We're going to get it down still further. And when the war ends, oil is going to bring it down into a really low number, and oil prices are going to go down tremendously.

And our inflation numbers are way down, other than for oil, which is still lower than Biden, but is coming down rapidly. And as you probably noticed, we've taken out, over the last couple of days, more oil than we took out during the pre-war days from the Hormuz Strait, taking out a lot of oil. And so far, there's not a thing they can do to stop us. It's pretty -- pretty amazing.

Gasoline prices in Alaska are going to tumble, well, as soon as the war ends, which is going to be soon, the Iran war. Prices are going to come way down regardless. But gasoline prices, because of this project and a couple of others in Alaska, are going to tumble. Now, if the Democrats come along, I can't speak to that.

And remember, our gasoline prices -- having stopped Iran from having a nuclear weapon, our gasoline prices are lower than Biden, and he didn't stop from -- nuclear weapons. When the war is over, which will be very soon, gasoline prices are going to drop like a rock.

[on a diesel export ban] No. I mean, I think it's something that we think about and we talk about every day, but it just seems that it would have a negative impact on gasoline. So that that would go up a little bit and these would come down a little bit and we think we're in a very good place. It's going to start to come in. You know, diesel is really hurt much more, not by the Middle East, but by what's going on in Russia, because those diesel refineries are being knocked out at a pretty alarming rate. And if that didn't happen, we wouldn't have a diesel problem. What's happened in Russia with Ukraine has been, really, the biggest problem for diesel.

You know, we took more oil out of the Hormuz Strait over the last couple of days than at any point in history, including long before we had the war to stop the nuclear weapon. And this is to stop the nuclear weapon. Iran will not have a nuclear weapon.

And Iran will not have a nuclear weapon. And they're failing very badly, very badly. That'll be over with very soon. It'll be over with very, very soon. They will not have a nuclear weapon, and oil prices are going to be tumbling down, just like they were before I had to make that little excursion to the Islamic Republic of Iran.

And when you see what happens -- as soon as that war ends, inflation's going to be eradicated totally. But nobody talks about that. Gas is going to go way down.

We have the best economic numbers. We have -- Iran will never have a nuclear weapon. We're going to win that war. Very soon that'll be over and the gasses -- gas prices will come tumbling down.

REPORTER: Should motorists, should truckers expect elevated gas and diesel prices between now and then? TRUMP: When the war ends, two things are going to happen. Number -- the one thing already has happened. It's Iran will never have a nuclear weapon. That's a very big thing, because if you want to see turmoil and a travesty, let them take out a city with a nuclear weapon. I'm not only talking about Israel and -- and big parts of the Middle East, but let them hit us with a nuclear weapon, for all those stupid people that think it's ok. I deal with them, and they are crazy.

Nobody talks about the fact that Biden play -- paid -- you were paying much more for gasoline. Let's not talk about all these -- you know, everything. Under Biden, you paid much more for gasoline than they're paying now. And what I did is I went to war to stop the -- one of -- it could be one of the worst things that could ever happen to the world, to us but to the world.

TRUMP: The big problem is the refineries in Russia are being blown up. This isn't really a Middle Eastern problem. This is more of a Russia problem that Ukraine and Russia are going at it, and Ukraine is blowing up diesel refineries in Russia because they do a lot of the refining. So this one's an interesting one indeed. And I spoke to President Zelenskyy. I said, ‘You got to take it easy on the refineries as much.’ REPORTER: What’d he say? TRUMP: He said, ‘Well, we'll probably do that.’ REPORTER: Okay. TRUMP: No, because we're causing a world problem. There are other things he can do, but a very big problem is the refineries in Russia are unable to do what they were doing. But we'll take care of that situation.

I think what's gonna happen is we're gonna win this war very soon. And as soon as we win it, it's gonna go -- the, the oil will go down, way down to what it was before the war.

REPORTER: So what about an export ban on diesel? TRUMP: Well, we're thinking about it very seriously. That can oftentimes lead to a little bit of an increase on gasoline for cars. So we're looking at it very seriously. We may do it

One thing I have to say, with the exception of oil, which is lower than the Biden administration, and we no longer have to worry about nuclear weapons with Iran because they're wiped out. But with the exception of oil, everything is going down. We have it going down.

REPORTER: Any plans to strike Iran after midterms? TRUMP: Well, I'm rejecting their deal. They want to make a deal where they open the Strait immediately because they're losing so badly. You know, you don't read that or you don't see that in the fake news. But, we're winning tremendously. We have total control of the Hormuz Strait. Massive amounts of oil are coming out of the Hormuz Strait. Last night, we had 29 ships come out. They wanna make a deal, and I think that's fine. I like making a deal, too. But, I'm not -- that deal would not be acceptable

And what they wanna do is immediately open the Hormuz Strait. Do you know why? Because they're dying. You know why they're dying? Because they have no money coming in. Because they get their money from the Hormuz Strait. So they outsmarted themselves. They said, ‘Let's close it and cause a problem for the world.’ And then I came along, and we put up the greatest blockade ever in military history. It's a wall of steel. I would put it up, and guess what? They don't have any money now because they wanted to close the Strait. And I said, "That's fine. We're gonna close it on you," but everybody else is able to use it.

We're, we're spending a lot of money. They are spending. The oil companies are all going into Venezuela now. And very shortly, I mean, Venezuela's making a lot of money now for its people. Really a great thing to see it.

They're a lunatic, the worst nation anywhere in the world, the most dangerous nation. They're defeated. They will not have a nuclear weapon and gas prices and, that includes diesel will come pouring down, and it's gonna happen very soon.

With all of that, oil will come dropping down. As soon as Iran gives up, as soon as the war is over, which will be soon, oil is going to come plummeting down. And all prices are coming down, but prices for groceries have come way down from Biden. Almost every price has come way down. And remember one thing, oil is less expensive now than it was under the Biden administration.

With all of that being said, we're taking tremendous amounts of oil out. Last night we took a record amount of oil out from the Hormuz Strait, more than we took out before the war.

REPORTER: President Trump, did you discuss the war with Iran during your discussions with President Xi? Did you discuss the war with Iran? TRUMP: We did. We did. REPORTER: Do you think there will be progress made in the Strait of Hormuz. TRUMP: I think we're going to do great.

Democrat and NeverTrump Predictions that turned out to be WRONG: [...] — Oil didn’t go to $200 a barrel. Gas prices will be coming down and, if you stick with us, America will continue to be the strongest, freest Country on God’s Green Earth!

REPORTER: A ban on diesel exports. Chuck Grassley called for the same thing, Mike Rogers called for the same thing. Is that something you're considering? TRUMP: Well, I've called for that too. I said, let's not send out the diesel. We make a lot of diesel. That could have a little bit of an effect on regular automobile gasoline. Because when you do that, you know, it's a sort of a flow, it's a balance.

Well, it is a serious hit on the Russians. It's also a serious hit on the price of diesel. The diesel oil, diesel fuel has gone up quite a bit, but we'll be talking about that. But no, it's a very serious hit, certainly on Russia.

Venezuela's situation is amazing because we have the biggest oil companies in the world now going in, and they're starting to build, takes a little while, but they're spending billions of dollars. They're building rigs with no rig existed or where they're old and rotted and rusted and useless. But we have the biggest companies in the world, American oil companies and others, going in and it's been amazing. And the people, they've never seen anything like it.

While this is all excellent news, Iran's terrorist attacks on commercial shipping and neighboring countries have shown the need to shift Middle East energy infrastructure away from the Iranian checkpoints. That's why my administration strongly supports the India-Middle East-Europe Economic Corridor and other places of the form of getting oil out, whether it's pipelines or anything else.

And we're taking out 25 to 30 ships a night, sometimes during the day but a lot of it's during the night. The blockade is the strongest thing that anyone's ever seen. We call it a wall of steel and our Navy is amazing. Our military is amazing. It's amazing. We now have more oil flowing through the strait than at any point by far since the conflict began.