Trump's War with Iran Sends Global Oil Prices Soaring
The Trump administration's ongoing war with Iran has led to a significant increase in global oil prices, with the cost of crude recently reaching $100 per barrel. The conflict has disrupted major oil and gas infrastructure across the Middle East, causing widespread damage and destruction.
According to data from AAA, the national average cost of regular gas was $4.44 on September 17, a 49% increase compared to February 27, when the war with Iran began. Diesel prices have also reached record highs, averaging $6.40 per gallon on September 17, representing a 70% increase over pre-war levels.
The effects of the conflict are being felt across the United States, with gas and diesel prices increasing in every state since the beginning of the war. In 14 states, the price per gallon of gasoline now exceeds $4.50, while the price per gallon of diesel now exceeds $6 in 46 states.
Mark Zandi, chief economist at Moody's Analytics, estimates that the average American household has already lost $1,650 due to the war, and these costs are likely to continue rising as the conflict drags on.