Oil Through The Roof.
While senior Trump aides had anticipated some brief surge in oil prices in the first days of the war with Iran, the size and sustainability of the market reaction caught them off guard, people familiar with the internal discussions told CNN.
Now, as oil prices hover near $100 a barrel just over a week into the war and US gas prices are moving sharply higher, it’s prompted a belated rush to try to reassure investors and seek ways to tamp down the impact. But the administration is confronting the limits of its power — and the reality that President Donald Trump’s decision to wage war abroad threatens to wipe out some of his key economic accomplishments at home.
“It’s hard to see anything but continued upward pressure on prices,” said Neil Atkinson, a longtime energy analyst and former head of the International Energy Agency’s oil industry and markets division. “People will get hurt at the pump.”
By
Adam Cancryn, ‘CNN’
Watching the news on your phone or on TV about the Iran War is one thing. Going to the gas station and finding out the cost of gas has skyrocketed is another thing. The bread and butter issues will hit home very soon for Americans as they head to refuel their cars and pay utility bills as the cost of oil rapidly accelerates. The general public already thinks life is unaffordable so this is another gut punch not anticipated.
