What the Iran war is costing you, briefly explained |
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What the Iran war is costing you, briefly explained
The economic shock from Trump’s war may only be getting started.
This story appeared in The Logoff, a daily newsletter that helps you stay informed about the Trump administration without letting political news take over your life. Subscribe here.
Welcome to The Logoff: President Donald Trump’s war in Iran is already starting to cost Americans money.
What’s happening? Gas and diesel prices are rising as US strikes in Iran continued for a fifth day on Wednesday. Gas is at about $3.20/gallon in the US as of Wednesday evening — up 22 cents from last week — while diesel cleared $4/gallon for the first time in nearly two years.
Higher fuel prices are a direct consequence of rising oil prices, driven by ongoing uncertainty around the Strait of Hormuz — a narrow passage controlling access to the Persian Gulf, through which a significant portion of global oil and natural gas passes.
Iran said on Monday that it would blockade the strait in response to attacks by the US and Israel, and as of Wednesday, traffic through the strait was down 90 percent.
Why does oil matter so much? As my colleague Eric Levitz explained recently, higher gas prices are the immediate symptom of what could become a longer-term problem.
If the Strait of Hormuz remains largely closed, oil prices are likely to keep increasing. That could spell trouble in two directions: Not only could inflation increase, but the global economy would likely slow.
What’s the big picture? Trump returned to office promising to deal with inflation and cost of living issues; at various points in his first year, he said — falsely — that he had successfully driven gas prices below $2/gallon. In his State of the Union speech last month, Trump incorrectly claimed that gas was “below $2.30 a gallon in most states.”
That all seems to have gone by the wayside now, for an unpopular war his administration can neither explain nor control.
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And with that, it’s time to log off…
As Washington, DC, warms up and daylight saving time approaches this weekend, I am looking for signs of spring everywhere. So this video, from a zoo in Bedfordshire, England, was a delight: Four remarkably fluffy European brown bears waking up from hibernation. Enjoy, and we’ll see you back here tomorrow!
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