Trump points out that rising oil prices are a positive thing after he bragged about falling gas prices last month

WASHINGTON (AP) — Since the war with Iran sent oil and gasoline prices soaring, President Donald Trump has shifted from focusing on keeping energy prices low to portraying higher oil prices as a positive thing.

This shift comes as Trump’s team struggles to present a clear plan to open the vital Strait of Hormuz so that tankers full of oil and natural gas do not remain stuck.

Read more: Should drivers turn to electric vehicles as gas prices rise in the war? Here’s what you should know

“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,” Trump said Thursday on his social media site.

Just last month, in his State of the Union address, Trump boasted about gas prices at $2.30 a gallon, a number that has since risen more than 50% to a national average of $3.60 a gallon, according to AAA.

This volatility shows that Trump’s political interests at home are suddenly conflicting with his desire to flex America’s muscles on the world stage. This comes at a perilous time for Trump’s party, ahead of the midterm elections in November. Trump said that high gas prices helped him defeat his predecessor, Joe Biden. But he told reporters on Saturday that he had no concerns about rising costs that could sway voters this year and create pressure on him to end the conflict prematurely.

Investment bank Goldman Sachs said on Thursday that based on its expectations and historical experience, higher oil prices will lead to higher inflation, slower growth and higher unemployment by the end of the year.

Read more: The Iranian war and high oil prices are affecting consumers. Here’s how

Record oil prices have swung wildly with Trump’s changing statements and with most tankers avoiding crossing the Strait of Hormuz. On Thursday, the global price of crude oil jumped to $100 per barrel.

“The fluctuations in Brent crude prices over the past few days are striking, and the potential for volatility will remain due to the lack of a timetable for when the conflict will subside and when the Strait of Hormuz, which is effectively closed, will see traffic begin to recover,” analysts at consultancy Oxford Economics concluded on Wednesday.

The president has given a series of contradictory messages about his plans to address the issue. He said in a press conference on Monday that the Strait of Hormuz “will remain safe” long after it has been designated a danger zone, claiming that the presence of the US Navy and insurance on tankers would keep things safe.

By Tuesday, he said on Truth Social that Iran would face “military consequences” that would be “at an unprecedented level” if it planted mines in the Strait of Hormuz, and later confirmed that the US military was blowing up Iranian ships laying mines.

Read more: Americans, divided on many issues, find unity in frustration over rising gas prices

On Wednesday, Trump’s Energy Secretary Chris Wright briefly posted that the US Navy had escorted a tanker through the strait — and later deleted the false claim.

After initially downplaying the need to tap strategic reserves, Trump said by Wednesday that the United States would join other countries and release oil to lower prices, and the administration later said it would withdraw 172 million barrels. A coordinated release between countries is unlikely to lower oil prices as much as it would stabilize the market.

“Such a move would slow rather than halt the rise in oil prices and provide a temporary balm for the severe burn caused by rising gasoline prices,” said Joe Brusuelas, chief U.S. economist at consultancy RSM.

The White House also said it may waive Jones Act requirements to use U.S.-flagged ships to move goods between U.S. ports, an interim step that White House press secretary Carolyn Leavitt said could “ensure critical energy products and agricultural necessities flow freely to U.S. ports.”

Wright, the Energy Secretary, took to television on Thursday to acknowledge that the conflict was causing “significant disruption” to gas prices in the short term, but he sought to emphasize the long-term benefits of an Iran no longer posing a threat to the United States and Middle Eastern countries.

He watches: Iran targets ships in the Strait of Hormuz, raising global energy concerns

Trump said on Wednesday that “the straits are in good shape” and said he believed oil companies should use them. But Wright was unable Thursday to provide a timeline on when the U.S. Navy might escort tankers through the Strait of Hormuz, a bottleneck that has caused prices to spike.

“It will happen relatively soon, but it can’t happen now,” Wright told CNBC. “We are simply not prepared. All of our military assets are now focused on destroying Iran’s offensive capabilities.”

Associated Press writer Colleen Binkley contributed to this report.