There’s no question that Donald Trump’s hugely unpopular war with Iran is costing taxpayers billions and spiking oil and gas prices. Trump’s war is hitting working Americans where it hurts, with millions paying far higher gas prices than they did just over a week ago. But the biggest impacts could be felt beyond the pump, as the risk of an economic recession explodes, inflation risks rise, food prices skyrocket, utility bills go up, mortgage rates rise, travel costs spike, and even plastic goods get more expensive as the conflict drags on. Meanwhile, Americans are already dealing with GOP policies that have led to mass layoffs, zero job growth, and high prices on everything from health insurance premiums to electric bills – all to give billionaires more tax breaks, and themselves golden ballrooms and taxpayer-funded private jets. Read more about the cost of Trump’s war with Iran at the gas pump and beyond:
THEN AND NOW: Trump Touted Low Gas Prices Weeks Ago, But Now Dismisses High Prices At the Pump
- THEN: In his State of the Union less than a month ago, Trump bragged about gasoline being “below $2.30 a gallon in most states, and in some places $1.99 a gallon.”
- NOW: In a recent press conference, Trump completely dismissed concerns about rising gas prices, telling reporters, “If they rise, they rise.”
Trump’s War on Iran Is Hiking Oil & Gas Prices For Working Americans
- The average price of gasoline is now $3.48 a gallon – up 27% since Trump launched airstrikes against Iran.
- Americans are spending $187 million more a day on gasoline than they were before Trump launched airstrikes against Iran.
- Diesel prices are now over $4 a gallon – nearly 50% higher than they were before Trump launched airstrikes against Iran.
- Oil prices topped $110 earlier today after skyrocketing 25% overnight, hitting their highest level since the COVID-19 pandemic disrupted global supply chains. Analysts warn that $110 is a price threshold that could cause real economic damage.
- Oil prices, as they currently stand, are up more than 37% since the start of the conflict.
- Top oil exporters have warned they may halt energy exports entirely within days or weeks, which would spike oil prices an estimated 67%.
BEYOND THE PUMP: Trump’s War on Iran Will Spike Costs for Essential Goods & Services
- FOOD: Food costs could spike within months as fertilizer prices go through the roof and transportation costs rise with high diesel prices.
- Fertilizer prices are up 33% since the start of the conflict.
- Crop prices are already surging, with wheat nearing a two-year high.
- UTILITY BILLS: Rising oil and gas prices will cause utility bills to spike, since 44 percent of American electricity is generated from natural gas and oil products.
- TRAVEL COSTS: Airlines are warning that fare increases are imminent as jet fuel costs double, with United Airlines’ CEO warning that fare increases will “probably start quick[ly].”
- SHIPPING COSTS: Global shipping costs are rising with the price of oil, wartime route changes, and supply chain disruptions.
- RECESSION & INFLATION RISK: Analysts are warning that Trump’s war could raise inflation and the risk of recession.
- HOUSING COSTS: Mortgage rates are climbing, with the 30-year fixed rate climbing back to 6.15% in just days – effectively raising the average mortgage payment by roughly $1,275 a year.
- CONSUMER GOODS: The cost of plastic goods could spike within months as tons of plastic-based consumer products absorb high petrochemical prices. Aluminum costs could also spike, as the U.S. imports 20% of its aluminum from the Middle East.
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