Article Summary –
Energy costs for the average American household have increased by $447.19 since U.S. military actions against Iran began in February, with potential further increases if current conditions persist. President Trump had promised to reduce energy prices significantly during his campaign, but gasoline prices remain above $2 per gallon, primarily due to Iran blocking the Strait of Hormuz, affecting oil supply. Despite Congressional attempts to withdraw military forces from hostilities in Iran, Trump prioritizes preventing Iran from acquiring nuclear weapons over the financial situation of Americans, while the White House maintains that economic relief will follow the resolution of Iranian tensions.
The typical American household’s energy costs have surged by $447.19 since President Donald Trump initiated U.S. military actions against Iran on Feb. 28, per a new Moody’s Analytics study. Chief Economist Mark Zandi told CNBC on June 2 that if current energy prices persist, this figure could climb to nearly $2,000 by next February.
During his 2024 campaign, President Trump promised to “end inflation and make America affordable again” from the first day of his potential second term.
“My plan will slash energy prices by half or more within a year of taking office,” Trump declared in a September 2024 speech at the Economic Club of New York. He pledged lower gasoline prices, electricity rates, and costs for groceries, airfares, and housing.
However, energy prices haven’t halved. According to the U.S. Energy Information Administration, gasoline prices have not dipped below $2 since Trump’s return. The low was $2.779 in January.
The U.S. and Israeli military actions starting in February led Iran to block ships in the Strait of Hormuz, impacting the oil supply and raising fuel prices for Americans, as detailed by the New York Times.
On Feb. 26, unleaded gasoline in Michigan cost $3.011, reported by AAA. By June 2, it averaged $4.31.
In a March 8 Truth Social post, Trump stated: “Short term oil prices…is a very small price to pay for U.S.A., and World, Safety and Peace. ONLY FOOLS WOULD THINK DIFFERENTLY!”
Questioned on May 13 about considering Americans’ financial concerns during Iran negotiations, Trump replied: “Not even a little bit…We cannot let Iran have a nuclear weapon.”
Both Senate and House members, including Democratic Michigan Sens. Gary Peters and Elissa Slotkin, have tried to legislate Trump’s military withdrawal from Iran.
Republican Reps. Jack Bergman, Bill Huizenga, John James, Lisa McClain, John Moolenaar, and Tim Walberg opposed halting war efforts in March and April. Republican Rep. Tom Barrett changed his stance in May, supporting the resolution. He expressed, in a May 7 blog post, favoring Congress limiting military action against Iran to 90 days.
Offices contacted did not comment for this article.
“President Trump has clarified disruptions due to Iran’s interference with energy flow,” stated White House spokesperson Kush Desai. “The Administration remains focused on Trump’s economic agenda at home. As policies take effect and the Iranian threat is managed, Americans will experience lower inflation, reduced gas prices, and economic growth.”
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