Americans are bracing for impact as the nation’s ongoing war in Iran continues to hike up gas and oil prices. And as President Donald Trump keeps delaying the end date of the vastly unpopular military effort in the Middle East, Americans can only sit back and watch as the global oil market tumbles.
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A recent poll from Reuters and Ipsos found that 87 percent of Americans believe the price of gas will increase over the next month… and they might be on to something. Trump’s attacks in Iran prompted the Middle Eastern nation to completely close off the Straight of Hormuz, which controls 20 percent of the world’s oil. As Iran’s grip on natural oil tightens, Americans will ultimately feel the burn.
Gasoline prices are up in every state since the Iran war began on the final day of February, according to AAA’s average fuel prices. Specifically in states like Georgia, Wisconsin and Michigan, residents have already reported an at least $1 per gallon price increase. We previously told you this is a far cry from the president’s promise to bring down grocery and gas prices on “day one” of his second term.
America is still recovering from devastating inflation sparked mostly by the COVID-19 pandemic. But just as it seemed the U.S. economy was beginning to stabilize, the Iran war offers little promise of a return to pre-COVID rates. Now, rising gas prices have the potential to shock the country.
For those who weren’t around, Americans found themselves in a similar predicament during former President George W. Bush’s war in the Middle Eastern countries of Iraq and Afghanistan. As gas prices rose in direct response to the 2001 conflict, Americans lined up in droves to stock up on gasoline.
Now, 20 years have passed since then, but if those COVID-19 lines taught us anything, it’s that folks are always prepared to panic buy. Trump’s new war could prompt a mass buy-out of gasoline nationwide, which will also rev up prices.
The Trump administration is trying to mitigate the damage, however, by releasing over 170 million barrels of oil from the Strategic Petroleum Reserve (SPR) to counter surging gas prices. Still, without Iran’s oil supply– or access to the Strait of Hormuz– nothing will prevent prices from skyrocketing, The New York Times reported.
So how much higher can we expect gas prices to go? It simply depends on how long the war lasts and which country declares more military victories. To help push the U.S. forward, the Pentagon is seeking $200 billion more from Congress to fund the Iran war, which suggests the American effort against the largest military in the Middle Eastern region is going according to schedule.
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