High Oil and Gas Prices Could Outlast Trump’s War With Iran
The New York Times • • business
Key Points:
- President Trump dismissed rising oil and gas prices amid the war with Iran as a temporary issue, predicting prices would fall rapidly once the conflict ended.
- Economists and industry experts caution that even if hostilities cease soon, it could take weeks or months for American consumers to see significant relief in energy costs.
- The war has caused a nearly 40% increase in Brent crude prices, pushing the national average gasoline price to about $3.97 per gallon, up roughly $1 from the previous month.
- An end to the conflict would likely ease geopolitical tensions and help reopen Middle Eastern shipping lanes, but the resulting price decreases would be gradual and insufficient to quickly reverse economic damage.
- Market sentiment remains pessimistic about a quick resolution, with experts noting that energy prices tend to rise sharply but fall slowly.
