President Trump’s war with Iran is already rattling global energy markets, and the majority of Americans are bracing for the economic fallout. New polling from Groundwork Collaborative and Data for Progress finds nearly nine in ten voters believe the war in Iran will raise prices on everyday goods. As many American families head into Spring Break, skyrocketing oil prices are squeezing wallets at the pump and the airport. Gas prices have jumped more than 50 cents in the past week to nearly $3.50 per gallon and analysts estimate Americans will spend nearly a billion dollars more on gasoline this week alone as supply chains react to the conflict. Jet fuel prices have soared over 100% since January, threatening to raise ticket prices as Americans enter the busy summer travel season.
The president said he doesn’t “have any concern” about rising gas prices, adding, “if they rise, they rise.” Trump’s reckless and illegal war with Iran is yet another example of how his administration is out of touch with the priorities of American families. Americans are asking for lower prices, but at every turn Trump is sending them higher.
Corporate executives, meanwhile, are already bragging to investors about how the economic disruption resulting from Trump’s military adventurism could deliver a windfall to their balance sheets. Global Ship Lease’s Chairman compared the current shipping bottlenecks to a “mini situation of covid” that could increase earnings for ocean carriers, while Methanex’s CEO said the current market volatility has created “a very supportive pricing environment.” Imperial Petroleum’s CEO similarly acknowledged the conflict has already “positively affected seaborne trade,” particularly in tanker markets.
Background
Voters Believe Trump’s War Will Spike Prices
Polling from Groundwork and Data for Progress finds that nearly 9 in 10 voters say the war in Iran will raise prices on essential items, including 57% of all likely voters who say it is very likely. Half of voters are very concerned about these price increases.
Trump’s War on Iran is Extremely Unpopular
As of March 6th – before the jump in oil prices over the weekend – Strength in Numbers found an average approval for the war at just 38% (-11 on net), the worst-ever support for a war at its start.