Americans should expect higher gas prices for 'a little while'
CNBC • • business
Key Points:
- President Donald Trump warned Americans to expect higher gas prices "for a little while" due to the Iran war but did not provide a specific timeline for when prices might stabilize.
- Trump expressed no urgency in reaching a peace deal with Tehran, stating he prefers to take his time and hinted at possible further military action if negotiations fail.
- Despite the conflict, Trump noted that the stock market remains at an all-time high and oil prices have not surged as dramatically as anticipated, attributing this to the U.S.'s ample oil supply.
- A recent CNBC survey found nearly 80% of Americans have altered their spending habits due to rising gas prices, which have increased over 30% since the war began, with most expecting high prices to persist for at least six months.
- Trump claimed the U.S. has "total control" of the Strait of Hormuz and asserted that Iran's military capabilities have been significantly weakened by U.S. and Israeli attacks.
