Trump’s Gas Price Bet Gets Costly

President Donald Trump says gas prices could “drop like a rock,” but Moody’s chief economist Mark Zandi estimates the U.S. war with Iran has already created a roughly $100 billion cost for American consumers. Zandi estimates the cumulative hit has reached nearly $750 per U.S. household, driven by military expenditures and higher fuel prices. Extra energy spending reached $59.7 billion by late May, outpacing tax refunds by $9 billion and increasing pressure on lower-income families. Senator Elizabeth Warren criticized the impact at the pump, claiming the conflict is creating $800 million per day in excess gas costs. Warren also accused major energy companies of profiting from the crisis, pointing to Chevron Corp. (NYSE: CVX), ConocoPhillips (NYSE: COP), and a reported $1.4 billion executive stock sell-off since the war began. Trump dismissed concerns over oil-market anxiety and potential disruption around the Strait of Hormuz, predicting crude prices would fall and gasoline could drop to $1.85 per gallon once the crisis resolves. At publication, WTI crude futures were around $91.13 per barrel and Brent crude futures were around $94.10 per barrel. Disclaimer: Video contains AI generated content. #GasPrices #IranWar #EnergyStocks --- 🖥️ Try Benzinga Pro FREE with a 14 day trial: https://www.benzinga.com/pro/register 📈 Take your trading to the next level with our suite of premium research services and tools: https://www.benzinga.com/services 🌐 Find more market-moving insights at https://www.benzinga.com — your one-stop destination for the latest financial news, data, and expert analysis to stay ahead of the markets. 📲 Follow us on socials @benzinga ------------------------------------------------------------------------------------ 🔹Free Benzinga Webinars: https://www.youtube.com/watch?v=LQ2jOJNkDfI&list=PL4k0fH8EgI3YTdqniRmxrvz97w3IQ61rD 🔹Benzinga Pro Tutorials: https://www.youtube.com/watch?v=a2FaHhLIrks&list=PL4k0fH8EgI3YMwoBMFXGvVMkgixFymmei&pp=gAQB 🔹Earnings Calls: https://www.youtube.com/watch?v=C2-AoCw64Ok&list=PL4k0fH8EgI3buZI5529R53wJUNd9NS4_s 🔹Premarket Playbook: https://www.youtube.com/playlist?list=PL4k0fH8EgI3ZVRPM7INpG--GvohnBVTnT 🔹Benzinga's All Access: https://www.youtube.com/playlist?list=PL4k0fH8EgI3bQSn91atO-3lPT4V6Nwsmh 🔹Subscribe To The Channel: https://www.youtube.com/@Benzinga ------------------------------------------------------------------------------------ ⚠️ Disclaimer: Investing in financial markets carries risk, and there are no guaranteed returns. All information is for educational purposes only and should not be taken as financial advice. Always do your own research and speak with a qualified financial advisor before making investment decisions. Only invest what you can afford to lose. Past performance does not guarantee future outcomes. #StockMarket #StockMarketNews #Trading #StockMarketLive #Stocks #stocktrading #learntotrade #DayTrading #StockMarketToday