House Majority Whip Tom Emmer urged calm on Monday as oil prices surged amid fallout from the Iran war, calling the conflict a “short-term experience” during an appearance on CNBC’s “Squawk Box.”
“Yes, there are going to be some temporary effects on our domestic economy, but as soon as this is taken care of, those prices will tumble and people will recognize that this was a short-term cost to pay for a major long-term gain in terms of peace and security,” the Minnesota Republican said.
Countries in the Middle East have cut oil production due to the U.S.-Israel war on Iran. On Monday morning, West Texas Intermediate crude futures were over $100 per barrel for the first time since Russia’s invasion of Ukraine in 2022.
President Donald Trump also predicted in a Truth Social post on Sunday that the rise in oil prices would be temporary.
“Short term oil prices, which will drop rapidly when the destruction of the Iran nuclear threat is over, is a very small price to pay for U.S.A., and World, Safety and Peace. ONLY FOOLS WOULD THINK DIFFERENTLY!” Trump posted.
Increasing oil prices threaten to scramble Republicans’ messaging on affordability ahead of November’s midterm elections. The GOP is trying to hold on to narrow majorities in both the House and Senate, as Democrats look to hammer Trump and his allies on cost-of-living issues.
Emmer and House Republicans are in Doral, Florida, this week for their annual policy retreat, where they will sketch out a strategy for the remainder of this Congress and hone campaign messaging.
