Trump Warns Iran Conflict Could Push Gas Prices Up as Strait of Hormuz Faces New Risk
Updated
Updated · AlterNet · Aug 6
Trump Warns Iran Conflict Could Push Gas Prices Up as Strait of Hormuz Faces New Risk
3 articles · Updated · AlterNet · Aug 6
Summary
Las Vegas remarks from Trump marked a public acknowledgment that gasoline prices could rise again as his administration’s conflict with Iran keeps oil markets under pressure.
Hormuz disruption sits at the center of that risk: Trump cited Iran’s control of the Strait, while economists said damaged energy infrastructure, tanker insurance costs and a lasting war-risk premium could keep crude elevated.
Ed Gresser and Robert Shapiro said even a near-term easing of hostilities would not quickly restore pre-conflict oil prices, and warned broader uncertainty could further weaken an already softening U.S. economy.
The White House disputed the vulnerability argument, saying U.S. energy production limits dependence on Gulf shipping lanes and presenting the crisis as proof of Trump’s “energy dominance” strategy.