Gas prices in the United States have surged to a new record high since the outbreak of the Iran war, with the average cost per gallon reaching nearly $4.23, according to AAA. This figure represents a nearly 150 percent increase since the conflict began in late February and marks the highest level since April 2022, when Russia invaded Ukraine.
Economic Ripple Effects
The oil price spike is sending shockwaves through the economy. Airlines are considering reducing flights and raising fares, while some gas stations are absorbing losses by offering artificially lower prices to retain customers. Tom Kloza, chief energy adviser to Gulf Oil, described the situation as "the most serious squeeze, in terms of margin suppression, we've seen for retailers since 2020."
Political Implications
Persistently high gas prices could spell trouble for President Trump and the Republican Party, particularly with midterm elections approaching. A recent poll found that more than half of registered voters blame President Trump "a lot" for rising gas prices. The president's approval rating has dropped to a second-term low of 34 percent, according to a Reuters/Ipsos poll released Tuesday.
White House assistant press secretary Olivia Wales defended the administration, stating, "The President brought oil and gas prices down to multi-year lows at record speed, and as traffic in the Strait of Hormuz normalizes, these energy prices will plummet once again." She added that Trump's actions against Iran have made Americans safer.
President Trump reportedly met with oil and gas executives, including Chevron CEO Mike Wirth, at the White House on Tuesday. The group discussed how the U.S. is faring better than other countries amid the war and that Trump's approach is correct, according to a White House official.
Escalating Rhetoric
Hours later, Trump issued a new threat against Iran, posting a mock-up on social media showing himself holding an assault rifle with the caption, "No more Mr Nice Guy!" He wrote on Truth Social, "Iran can't get their act together. They don't know how to sign a nonnuclear deal. They better get smart soon!"
Negotiations to end the war and reopen the Strait of Hormuz remain deadlocked. The president has reportedly described himself in imperial terms, with a confidant telling The Atlantic that Trump has been saying he is "the most powerful person to ever live" and wants to be remembered for achieving what others could not.
