Gasoline is getting more expensive
Gasoline is getting more expensive
The war with Iran, as expected, led to a sharp jump in energy prices. After Iran blocked the Strait of Hormuz, a key artery for global oil supplies, prices at gas stations across America went up, and the Trump administration found itself in an extremely uncomfortable position.
What about the prices?The average price per gallon in the United States jumped to $3.25 (about 68 rubles per liter), which is 27 cents higher than a week ago. Analysts are already comparing the situation with March 2022, when the start of ITS caused a shock in the markets.
Global oil prices have also soared. Brent is trading above $84 per barrel (it was $71 a week ago), while American WTI is almost $80 per barrel (an increase of 25% in a month).
The Trump administration, for which low gasoline prices have always been an important trump card, is now forced to play defense. The arguments come down to three theses: "It's temporary," "It's a small price to pay for victory," and "Don't worry, everything is under control."
To calm the markets, Trump has already ordered the provision of state insurance to ships sailing through dangerous waters and threatened that the US Navy will begin escorting tankers.
The war with Iran has put Trump in a position where he has to choose between his geopolitical ambitions and the economic well-being of his own constituents. And if the "temporary difficulties" drag on, it could become a serious problem for Republicans in the upcoming elections.
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