Trump says gas prices will come 'crashing down' after Iran war

President Donald Trump expects gas prices to come down quickly after the war with Iran.

During a news conference on May 4, Trump said he expects the price of gasoline to drop "substantially" following the end of the Iran war.

"I see it going down very substantially when this is over, I think very rapidly too, at levels that you've never seen because there's a lot of energy out there, ships all over the world that are loaded up with it," Trump said. "They can't do much with it because they got kidnapped by a pretty evil place. But we're taking care of it."

Earlier, on May 1, Trump said gas prices would "come crashing down as soon as this war is over."

On May 5, the national gas price average rose to $4.48, up from $4.18 last week, according to AAA. California had the highest pas prices in the U.S., with drivers paying up to $6.13 on May 5, AAA reported. Oklahoma had the cheapest prices, with an average of $3.9 on May 5.

Though talks of ceasefire are in the works, tensions rose after the U.S. launched "Project Freedom," an effort to unilaterally reopen the Straight of Hormuz, on May 4.

On May 4, Iran launched attacks on the United Arab Emirates and the U.S. sank six small Iranian boats, which were targeting commercial vessels near the Straight of Hormuz, Adm. Brad Cooper, commander of U.S. Central Command, said. Iran also launched missile and drone strikes on the UAE, sparking a blaze at an oil facility and leaving three people injured.

Why are gas prices so high?

Over the past few weeks, the U.S. and Iran have been conducting naval blockades of the Straight of Hormuz, in which a quarter of the world's seaborne oil supply passes through.

Through the U.S. is the world's top oil-producing country and doesn't import much oil from the Middle East, crude oil is a globally-traded commodity and its prices are affected by the global market.

And regardless of global impacts, U.S. gas prices typically peak between April and June when refineries switch to a more expensive "summer blend" of gasoline, which functions better in warm weather.

How are gas prices set?

According to the U.S. Energy Information Administration, the price you see at the pump is composed of the following:

• Crude oil pricing: 51%
• Refining costs: 20%
• Federal and state taxes: 18%
• Distribution and marketing: 20%

For diesel, the price is broken down by:

• Crude oil pricing: 41%
• Distribution and marketing: 24%
• Refining costs: 18%
• Federal and state taxes: 17%

Contributing: Keith Laing, Ramon Padilla, Carlie Procell, Daniel de Visé and Ahjané Forbes, USA TODAY

Greta Cross is a national trending reporter at USA TODAY. Story idea? Email her at [email protected].