Get Used to High Gas Prices
Even if the Iran war ends tomorrow, don’t expect relief at the pump any time soon.
By James Surowiecki, The Atlantic
Donald Trump’s approval rating is abysmally low for many reasons, but one of the most important is undoubtedly the price of gas. Trump’s decision in February to go to war with Iran sent gas prices soaring. Since then, the average price of gas in the United States has not dropped below $3.50 a gallon, even during the brief cease-fire that began in June. The resumption of the conflict a few weeks ago sent prices back above $4 a gallon.
That’s been very bad for Trump’s popularity—in a recent poll, roughly three-quarters of those surveyed blamed him (correctly) for the spike in gas prices. It’s also ominous for Republican prospects in the midterm elections, which are now fewer than 100 days away. The trouble is that even if Trump were to forge another cease-fire deal with Iran as soon as this week, the state of the oil market and the nature of gas prices mean that prices at the pump would keep Americans unhappy through November.
