economy
Trump claims US fuel prices ‘not very high’ as costs surge amid Iran war
National average gas price stands at about $4.16 per gallon as Americans grapple with price hikes sparked by the war
TL;DR
- Donald Trump claims US fuel prices are "not very high, relatively speaking".
- The national average gas price is approximately $4.16 per gallon, lower than a month ago but higher than last year.
- Fuel costs have risen sharply since the start of the US-Israel war on Iran in late February, affecting global trade through the Strait of Hormuz.
- Trump pointed to increased oil release and compared current prices to the Biden administration's.
- Record-high gas prices in 2022 were worsened by the war in Ukraine.
- High energy prices contributed to inflation reaching 3.8% last month, impacting groceries and air travel.
- Moody's Analytics estimates the war and high energy prices have cost American households about $100 billion.
- Upcoming inflation data is expected to remain high and may influence the Federal Reserve's next meeting.