Garden city: President Donald Trump urged Americans to accept slightly higher oil prices as a cost in preventing Iran from acquiring nuclear weapons, while also stating that he intends to declare the Strait of Hormuz a U.S. territory soon. During a speech in Garden City yesterday, Trump stated that Americans who have to pay a little more for gasoline should remember that this is in exchange for ensuring that an extremely bad country cannot possess nuclear weapons.
According to Thai News Agency, the statement reflects the increased political risk for Trump, as rising energy prices conflict with his campaign promises to reduce energy costs, amidst a move by Democrats to use the economic impact of the conflict with Iran as a campaign issue ahead of the midterm elections in November.
Trump has also escalated his rhetoric regarding this vital shipping lane, adding that after defeating Iran, he would soon declare the Strait of Hormuz U.S. territory. However, it remains unclear how serious Trump is about this declaration or whether this statement will represent a new direction for U.S. policy.
The Strait of Hormuz is a vital shipping route for oil and liquefied natural gas (LNG), accounting for approximately 20 percent of the world's supply. The risk of long-term disruptions has driven up global oil prices.