After His Iran War Triggered an Oil Crisis, Trump Blames Soaring Energy Prices on Climate Regulations

Since launching his military campaign against Iran, US President Donald Trump has seen gasoline and diesel prices soar by 43 and 68 percent respectively, based on data from the Center for American Progress. Prior to the conflict, which began around eight months ago, the national average cost of a gallon of regular gasoline was $2.98, but as of October 22, it had risen to $4.27, posing a significant economic burden for American consumers.

While global fuel price increases can be attributed to retaliatory fuel embargoes by Iran's military in the Strait of Hormuz and Houthi militants in the Bab el-Mandeb Strait, Trump and his administration have pointed fingers at environmental regulations as the root cause. During a campaign event in Lubbock, Texas, Trump announced plans to reverse the Biden administration's methane regulations, stating the move would "save consumers and energy producers."

Environmental Protection Agency administrator Lee Zeldin endorsed the decision, claiming the move would "end the war on oil and natural gas," referring to the Clean Air Act's restrictions on methane emissions. However, the impact of Trump's rollbacks is more limited than he suggests. The administration's announcement is expected to allow for an estimated 210 million barrels of oil production, which amounts to just ten days of US petroleum consumption, offering only short-term relief to consumers.

Additionally, the rollback opens the door for major air polluters, as methane emissions associated with the move account for around 12 percent of US greenhouse gas emissions, a potent contributor to global warming.