With oil prices soaring in the aftermath of the Iran war, House Majority Whip Tom Emmer appeared on CNBC’s “Squawk Box” on Monday and appealed for calm, calling the conflict a “short-term experience.”
“Certainly there will be a temporary impact on the domestic economy, but as soon as this is resolved, prices will come down and people will realize that this was a short-term cost to pay for a large long-term benefit in terms of peace and security,” the Minnesota Republican said.
The US and Israel’s war against Iran has caused Middle Eastern countries to cut oil production. On Monday morning, West Texas Intermediate crude oil futures rose above $100 per barrel for the first time since Russia’s invasion of Ukraine in 2022.
President Donald Trump also predicted in a post on Truth Social on Sunday that the rise in oil prices would be temporary.
“Once the Iranian nuclear threat is destroyed, short-term oil prices will fall rapidly, but the price to pay for America, the world, security and peace is very small. Only a fool would think otherwise!” Trump posted.
Rising oil prices threaten to disrupt the Republican Party’s message on affordability ahead of November’s midterm elections. Republicans are trying to hold on to slim majorities in both chambers of Congress as Democrats seek to damage Mr. Trump and his allies on cost-of-living issues.
Emmer and House Republicans are in Doral, Fla., this week for their annual policy camp, where they plan to strategize and hone their campaign message for the remainder of this Congress.
