Trump Blames Biden for Inflation, Predicts Oil Prices Will Drop After Iran Conflict
Trump says price increases across America stemmed from the Biden administration, claims oil cost more under Biden and pledges that fuel will fall sharply once the military conflict with Iran ends.
WASHINGTON D.C. — Donald J. Trump blamed his predecessor for inflation in a Truth Social post, saying price increases across America came from the Biden administration rather than from him. Trump asserted that oil cost more under former President Joe Biden than it does now. Trump also claimed his administration prevented Iran from obtaining a nuclear weapon.
Here is the full post on truthsocial: “I hope everyone realizes that price increases throughout America were caused by Sleepy Joe Biden and the Biden Administration, not by “TRUMP.” Even Oil was higher under Biden than it is right now, and we prevented Iran from having a Nuclear Weapon! With the temporary exception of Oil, prices are coming down sharply, and Oil will drop like a rock as soon as the Military Conflict with Iran is over, and that will not be long. Thank you for your attention to this matter! Trump” on September 14, 2026 at 12:31 PM ET.
This is Trump’s 7th message released today, and the last post was 5 minutes ago, and it is not part of a thread. On average, Trump produces 18 posts per day since his inauguration on January 20, 2025. The move fits a broader pattern in Trump’s recent messaging, with 40 of his 579 posts over the last 30 days classified as Economy posts.
Trump framed current prices as falling sharply, with oil the lone temporary exception. He tied the direction of fuel costs to the end of the military conflict with Iran, predicting that oil would “drop like a rock” once the fighting stops. He did not specify a timeline beyond saying it would “not be long.”
The White House has advanced a similar message on prices. Wholesale inflation fell in August, with the Producer Price Index coming in at 2.6% year-over-year, below economists’ expectations of 3.3%, according to whitehouse.gov. Prices for energy goods, trade services and final demand services all fell that month, according to whitehouse.gov. White House Press Secretary Karoline Leavitt said the report showed “there is no inflation.”
47th President of the United States Donald J. Trump posed at Washington D.C.
© copyright Flickr with permission
Economists point to a broader set of causes for the inflation that peaked under Biden. Federal spending and pandemic-era supply chain disruptions rank among the key drivers, according to epicforamerica. That research attributes as much as 80 percent of core inflation to increased job vacancies following pandemic closures and higher deficits fueled by government spending, according to epicforamerica.
Under Biden, year-over-year inflation peaked at 9.1% in June 2022, the highest monthly figure in about 40 years, according to CBS News. The Consumer Price Index rose around 8% over Trump’s first four years in office, while the total increase in consumer prices under Biden ran about 20%, according to cbsnews. Lower inflation means the rate of price increases has slowed, not that prices themselves have fallen, according to cbsnews.
Trump has made oil comparisons before. Oil prices sat higher when he returned to the White House in January 2025 than in earlier periods he cited, according to cnn. The Federal Reserve targets inflation of around 2% year-over-year as best for a functioning economy, according to CBS News.
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Protomaps / Natural Earth – Iran
Photo by Protomaps / Natural Earth – Iran