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Paul Krugman Says There's 'No Relief In Sight' For High Gas Prices As Trump's Iran War Continues
HuffPost • • business
Key Points:
- Economist Paul Krugman warned that high gas prices in the U.S. could persist for several months due to ongoing conflicts, including President Trump's Iran war and Russia's war in Ukraine.
- Oil prices recently hit $100 a barrel, with national average gas prices rising to $4.22 per gallon and diesel reaching a record $5.94 per gallon, significantly higher than a year ago.
- Despite President Trump’s claims on his Truth Social platform that gas prices will drop sharply to below $2 per gallon, Krugman expressed skepticism, citing multiple geopolitical factors sustaining high fuel costs.
- Krugman emphasized that even if tensions with Iran eased, fuel prices would likely remain elevated due to other global conflicts and supply challenges, describing the situation as a "really screwed-up world."
- The ongoing high fuel prices are negatively impacting President Trump’s approval ratings as the midterm elections approach.
