Trump Blames Biden for Price Increases, Promises Oil Will 'Drop Like a Rock'

President Donald Trump took to social media this week to deflect blame for rising prices across America, pointing the finger squarely at his predecessor and predicting a dramatic drop in oil prices once the conflict with Iran ends. But economists and fact-checkers say the picture is far more complicated.

WASHINGTON – In a post shared widely across social media, President Donald Trump made a direct appeal to the American public: "I hope everyone realizes that price increases throughout America were caused by Sleepy Joe Biden and the Biden Administration, not by 'TRUMP.'"

The message, posted to Truth Social and amplified across his official channels, went on to claim that "Even Oil was higher under Biden than it is right now" and that "we prevented Iran from having a Nuclear Weapon!"

Trump concluded with a bold prediction: "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."

The Claim: Biden Caused Inflation

The president's argument is straightforward: the economic pain Americans are feeling at the grocery store and gas pump is a legacy of the Biden administration, not a result of his own policies.

But economic data paints a more nuanced picture. While inflation did surge during Biden's presidency — reaching a peak of over 9% in June 2022 — it has remained persistently elevated throughout Trump's second term. According to recent reports, price increases have continued across multiple sectors, with tariffs imposed by the current administration contributing to higher costs for consumers .

Trump's claim that "oil was higher under Biden" is also misleading. Gas prices fluctuated significantly during Biden's term, spiking in 2022 following Russia's invasion of Ukraine before falling steadily through 2023 and 2024. Current prices, while lower than the Biden-era peak, remain volatile due to ongoing geopolitical tensions .

The Iran Connection

The president's post also ties the economic outlook directly to the military conflict with Iran, claiming that oil prices will "drop like a rock" once hostilities cease.

Trump has made Iran a central focus of his second term, recently announcing what he described as the "MOST CRUSHING ECONOMIC OPERATION EVER TAKEN AGAINST ANY COUNTRY" — a campaign of sanctions designed to cripple Iran's economy and prevent it from obtaining a nuclear weapon .

He has also demanded compensation from Iran "for all of the people that they have killed and gravely wounded with their roadside bombs and many conflicts," instructing his representatives to include the demand in any future negotiations .

But energy analysts caution that oil markets are influenced by a complex web of factors — including OPEC production decisions, global demand, and supply chain dynamics — that cannot be reduced to a single geopolitical conflict.

The Social Media Reaction

The post generated thousands of comments, with reactions falling largely along partisan lines.

Supporters echoed the president's message, with one commenter writing: "It just blows the mind that we get to be alive and witness this great practitioner of The Art of the Deal working his magic in real time. We're witnessing history" .

Critics, however, were less forgiving. "Shocking to see President Trump give up on that fully thought through 20% toll idea," wrote one user on Threads, referencing a recent policy reversal .

Another commenter added: "He just keeps digging, and all of the idiots around him just nod their heads in agreement and tell him how great he is" .

The skepticism extended to the president's oil prediction. "Is the flowing oil in the room with us now, Mr. President?" one user quipped .

The Fact-Check Landscape

Trump's social media posts have become a frequent target of fact-checkers in recent months. In April 2026, a screenshot purporting to show Trump calling former President Barack Obama a "liberal dog" and ordering an investigation into the Catholic Church was determined to be fake by Snopes, which found no evidence of such a post on any of Trump's official accounts .

However, Trump did make a Truth Social post criticizing Pope Leo XIV over comments condemning the U.S.-Israeli war with Iran, claiming credit for the Pope's appointment and accusing him of being "Weak on Crime" and "Weak on Nuclear Weapons" .