Chuck Schumer says Trump is 'risking world economy' as White House calls gas price surge 'temporary'

The prices of U.S. crude oil and Brent crude each fell by more than 17% on Tuesday following Energy Secretary Chris Wright's erroneous claim on social media that the U.S. Navy escorted an oil tanker through the Strait of Hormuz. After dropping to almost $80, before regaining some ground to settle near $83–$86 per barrel, oil prices remain significantly higher than on February 27, before Operation Epic Fury began. In a recent statement, President Donald Trump indicated that the Iran conflict will end soon, with the White House calling the price rise "temporary."

Democratic lawmakers have, however, accused the Trump administration of being contradictory, claiming that the President has been oblivious to the cost it places on American citizens. In a fresh attack on the President, Senate Minority Leader Chuck Schumer said that Trump "has no plan or vision" and is "risking the world economy and the lives of millions on whims and vibes." In a separate tweet, Schumer questioned Trump over rising gas prices. 

"The average price of one gallon in the US is now $3.54, a 17% increase since the start of the war. Yet Donald Trump says, "if it rises, it rises" and "it doesn't really affect us. What a clueless and callous thing to say. But what else would you expect from someone who has probably never filled his own gas tank before?" Schumer wrote. On Sunday, he had demanded that President Trump release oil from the Strategic Petroleum Reserve (SPR) "immediately". 

The White House has, however, called the gas price surges temporary, arguing that there was no need yet to tap into the SPR. On Tuesday, White Press Secretary Karoline Leavitt said that Operation Epic Fury had been a "resounding success," and indicated that the U.S. operation is heading towards an end. "The recent increase in oil and gas prices is temporary, and this operation will result in lower gas prices in the long term," she said. The situation, however, remains volatile with the possibility of Iran continuing its blockade of the Strait of Hormuz.

As per some reports, commercial traffic through the Strait of Hormuz has effectively come to a halt due to extreme war-risk insurance premiums and the threat of Iranian naval mines and drone attacks. Financial experts warn that a prolonged conflict could see average prices hover around the $80 barrel mark if the Strait remains open. The only way to retreat back to earlier prices would be a rapid regime collapse and quick normalization.