The price of the Iran war
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What are the immediate effects of the Iran war on gas prices?
You know, they've said this about a lot of things. No other president could do some of this shit I'm doing.
That's probably true. President Trump continues to give mixed messages about the war in Iran. Mr. President, you've said the war is, quote, very complete, but your defense secretary says this is just the beginning. So which is it and how long should Americans be prepared for this war? Well, I think you could say both. More clear is what's happening to the U.S. and global economies as a result of this conflict. Markets falling like Liberation Day, the sequel. Oil prices up like we haven't seen in years. That means gas prices up. That means other prices will go up. Trump's supposed to be focusing on affordability. His party has a midterm election to try to win. He talked to Republican lawmakers yesterday.
So our message is simple. Democrats created the high prices and our policies are totally ending them. And they're ended and we're doing better. We're even bringing them down further.
How are global economies impacted by the conflict in Iran?
Self-evidently untrue. Will the economic fallout of the war in Iran catch up with Trump? We're going to ask on Today Explained. Support for the program today comes from Atio, the AI CRM for modern teams. Are you a modern team? Are we a modern team? Atio connects to your email, calendar, calls, product data, billing data, and more. So your CRM is always complete, always enriched, and always in sync. Ask Adio anything. What's the status of this deal? What should I know before my next meeting? Adio will search across all your data to give you exactly what you need. If you want a CRM built for how you want to work, you can check out Adio. You can go to adio.com slash todayexplained. You'll get 15% off your first year.
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Mike Bird, Wall Street editor at leading magazine The Economist. Is the war in Iran already affecting the U.S. economy? Yes, is the short answer. Oil prices move very quickly to account for future conditions and current conditions, and that is fed almost immediately into gas prices. Americans are feeling the pain at the pump. The widening war is rattling investors around the world, sending oil prices soaring.
The price of crude oil has risen above $100 a barrel as the Strait of Hormuz is effectively closed and Iranian fuel depots are battered.
So if you own a car, if you've been to fill it up recently, you will have noticed it was more expensive than the last time. People who spend money on gas have less money to spend on other things. That also feeds into all manner of other things that we can go into, all sorts of energy costs. But the most visible immediate term impact is at the petrol pump on gas prices. Why don't we go into all manner of other things while we're here? Absolutely. So energy is an input good. The amount of energy you consume is mostly not in the form of gasoline. It's embodied in products and all sorts of things that you purchase, even things that you wouldn't consider as being energy intensive. You know, agricultural goods require fertilizer.
They require tractors. They require all sorts of things. Everything that's manufactured is made somewhere and uses some amount of energy. The past couple of years in farming have been very challenging. thin on margins. And this is another year where farmers are looking to cut costs anywhere. A lot of guys have just said, I'm done. We're going to quit. They're hanging it up. There's sales everywhere.
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Chapters
7 chapters
1
What are the immediate effects of the Iran war on gas prices?
0:00–0:51
2
How are global economies impacted by the conflict in Iran?
0:51–6:25
3
What is the relationship between oil prices and inflation?
6:25–9:31
4
How does the war in Iran affect the U.S. economy?
9:31–14:29
5
What are the implications for farmers due to rising energy costs?
14:29–19:55
6
How does the conflict impact the Gulf region's economy?
19:55–23:19
7
What ripple effects does the Iran war have on global oil supply?
23:19–27:41