cross-posted from: https://lemmy.world/post/45703025
KEY POINTS
Donald Trump said Thursday that gasoline prices are “not very high.”
A Quinnipiac University national poll of registered voters showed that 65% of U.S. voters blame Trump either “a lot” or “some” for the rise in gas prices seen since the beginning of the Iran war.
Trump said those prices are not as high as what was expected from the war, which he said was aimed at denying Iran the ability to produce a nuclear weapon.
Not very high, yet.
They will more then likely get higher if following history from the 1973–1974 oil embargo. The effects were delayed.
This is worth a watch, at least the first 2-3 minutes that provides a good summary.
https://www.youtube.com/watch?v=eXNLaHsKMz8
Idk what’s supposed to qualify as “High” anymore. They’re at $5/gal nationally, which is exactly where they were under Biden in 2022. And I was told they were “Too High” back then. But I guess now they’re not, because… ???
Gas isn’t even that expensive, it’s usually comparable to the price of a gallon of milk
It’s that we use so god damn much of it for our car only infrastructure to work so it has such a profound impact when there is no alternative in most places
We were under $3 in January and now we’re grazing $5. That’s a significant change for any business that considers fuel a major part of operating costs (like the airline or trucking industry).
I’ll spot you that - for daily commuting - gas costs probably aren’t a big part of the household budget. But it’s a highly visible price, thanks to stations hosting the number in big bold digits updated daily.
The real cost of this war-induced supply chain disruption is going to be downstream of commuting, though. Agriculture, shipping, and high energy cost manufacturing (steel and aluminium manufacturing, for instance) consume enormous amounts of fossil fuels. Also, increasingly now, Cloud Compute costs, which will impact a bunch of downstream IT businesses.
We’ll see the number go up at the pump and then we’ll see it go up everywhere else.