GOP Whip Tom Emmer predicts oil prices will drop after Iran war

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."

“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”

CNBC

The Minnesota Republican said there will be "temporary effects on our domestic economy," but predicted that "as soon as this is taken care of, those prices will tumble" and that people will see the spike as "a short-term cost to pay for a major long-term gain in terms of peace and security."

CNBC

The article reports that countries in the Middle East have cut oil production due to the U.S.-Israel war on Iran.

West Texas Intermediate crude futures were over $100 per barrel on Monday morning for the first time since Russia's invasion of Ukraine in 2022.

CNBC

President Donald Trump also predicted on Truth Social that the rise in oil prices would be temporary, writing: "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!"

Rising oil prices threaten to scramble Republicans' messaging on affordability ahead of the November midterm elections.

“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”

CNBC

The GOP is trying to hold narrow majorities in both the House and Senate.

Democrats are looking 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.

They will sketch out a strategy for the remainder of this Congress and hone campaign messaging.