Gas Prices Hold Above $4 as Trump Defends Iran Conflict Costs

As gas prices hover near record levels despite five straight days of modest declines, President Trump is telling the country that paying more at the pump is a small price to extract for degrading Iran's nuclear program. The national average for regular unleaded fell one cent to $4.108 per gallon on Wednesday, according to AAA, the fifth consecutive drop since April 10. That is still well above the $3.699 seen a month ago and far higher than the $3.173 average from a year earlier. In January, before the current conflict began, gas bottomed out at a five-year low of $2.79 per gallon.

The spike traces directly to Operation Epic Fury, the U.S. and Israeli military campaign against Iran that began February 28. Six weeks later, the fighting has produced a blockade of the Strait of Hormuz and sent crude oil prices to around $92 a barrel, roughly 50 percent higher than pre-war levels. Trump, speaking to Fox Business host Maria Bartiromo in an interview taped Tuesday, showed little alarm. "If you told me that we were going to be at only 92 a barrel, $92 a barrel, I would have been very surprised," he said. "And you know what? I'm very happy, and it's going to come dropping down very big as soon as it's over."

The president described the economic pressure on American households as temporary and justified. "We go through it for whatever it is, six weeks, there's going to be a hit, but it's going to recover, I think, fully," Trump said. He predicted a stock market boom once the conflict ends and argued the damage inflicted on Iran's nuclear infrastructure made the higher energy costs "very worthwhile."

Ordinary families are living a different reality. Vermont Senator Bernie Sanders noted that gas now exceeds four dollars a gallon in his state and higher in other parts of the country. With roughly 60 percent of Americans living paycheck to paycheck, every additional dollar spent on fuel means less for groceries and rent. Sanders delivered a blunt verdict after viewing comments from Trump's National Economic Council Director Kevin Hassett, who told CNBC that falling oil prices could push inflation close to zero. "God help us all," Sanders replied on MSNBC.

The senator tied the current pain to a string of conflicts involving Israeli Prime Minister Benjamin Netanyahu across Gaza, the West Bank, Iran, and Lebanon. These wars, Sanders said, are not only destructive abroad but are rippling through the global economy and hammering working people at home. He reminded viewers that Trump had campaigned on avoiding new Middle East entanglements and bringing down prices. Instead, energy costs are climbing and the war drags on.

The economic warnings extend beyond gas prices. Former Federal Reserve Chair Janet Yellen criticized Trump's repeated demands that the central bank cut interest rates to ease the government's $39 trillion debt burden. Speaking at an investor summit in Hong Kong, Yellen compared the approach to a "banana republic," where politicians pressure central banks to finance spending by suppressing borrowing costs. Such interference, she said, often leads to runaway inflation. Yellen's remarks come as Trump's pick to lead the Fed, Kevin Warsh, awaits Senate confirmation. Warsh has suggested artificial intelligence productivity gains could justify lower rates, but Yellen questioned whether the full Federal Reserve board would follow that reasoning.

Trump's economic team continues to project that any damage will prove short-lived. Hassett's remarks about inflation drifting toward zero if oil prices ease drew laughter from both Sanders and MSNBC host Chris Hayes, who noted that energy costs are currently moving in the opposite direction. The disconnect between official optimism in Washington and the daily strain felt by truck drivers, commuters, and small business owners has sharpened criticism that elites remain insulated from the consequences of their foreign policy choices.

Regional differences make the burden uneven. Midwestern states enjoy the lowest prices, with Oklahoma at $3.444, Kansas at $3.507, and North Dakota at $3.616. Coastal and Western states face the steepest costs. The recent dip in the national average offers a glimmer of hope, yet prices remain elevated compared to the start of the year when winter weather alone was blamed for modest increases. The onset of military action in late February changed the trajectory sharply, pushing the average from under $3.00 in early March to more than $4.00 by the end of the month.

Trump maintains the conflict will conclude quickly and that markets will reward the outcome with a surge. Whether that forecast comforts families stretching their budgets to fill their tanks is another matter. For now, many Americans are left calculating the real cost of another Middle East conflict launched on the promise that this time would be different. The modest daily declines at the pump provide little comfort when the baseline has shifted so dramatically higher and the war that caused it shows no immediate signs of ending.