Aug 18, 2026
Follow us on Google for more Moneywise news
Add us on GooglePresident Trump isn’t sorry about higher gas prices caused by the war he launched against Iran, arguing it’s a necessary burden to prevent Tehran from developing a nuclear weapon.
“For you to pay a tiny little bit more for your gasoline, just remember you’re doing it so that a very evil country cannot have a [nuclear weapon],” Trump said at a rally in Long Island on August 14. “So remember that when you have to pay a little bit more, you’re at $4. It’s OK.”
Advertisement
“I’ll never apologize,” he continued. “I did the right thing… you just have to remember what we’re doing is a great service for the world.”
Thanks for subscribing!
The money news that actually matters.
By signing up, you accept Moneywise Terms of Use, Subscription Agreement, and Privacy Policy.
Gas prices will remain high
Gas prices are climbing again due to renewed tensions over control of the Strait of Hormuz, a waterway critical to shipments of oil, fertilizer and other energy products. The energy supply crunch coincided with the summer driving season in the U.S. that created even more demand for oil.
Brent crude oil — the international benchmark — is currently trading near $91 per barrel, up from $67 at the start of the year. The national average to pump regular gas stood at $4.06 per gallon on August 17, according to AAA. The organization said last week that gas prices are on track to be the highest on record for August.
What was once envisioned by Trump administration officials to be a maximum six-week war against Iran is stretching into its sixth month, with no immediate end in sight. On August 17, Trump even threatened to bomb Oman if it “gets in the way” of locking in a peace deal with Iran. The U.S. and Iran have bitterly disputed the Strait of Hormuz’s future and whether a toll system will be implemented for safe passage.
Elevated gas prices are causing political headaches for the Trump administration, which has struggled to address the issue ahead of the November midterms, much like President Joe Biden did four years ago.
For many voters, gas prices serve as a visible indicator of inflation and shape overall perceptions of the economy. Those perceptions are largely negative, with 58% of Americans believing the U.S. economy is getting worse, according to a YouGov poll. Meanwhile, Americans are stuck with high gas prices for the foreseeable future.
“Americans today will spend $338 million more on gasoline than they did one year ago, or $2.35 billion more every week,” Patrick de Haan, head of petroleum analysis at Gas Buddy, said in an X post on August 15.
Advertisement
Must Read
- The ultra-rich use these 5 real estate strategies to build wealth while they sleep — you can start with just $100
- Here’s the average income of Americans by age in 2026. Are you keeping up or falling behind?
- Insurance companies profit most from drivers who auto-renew without shopping around. Comparing 100+ quotes takes 2 minutes and costs nothing
Join 250,000+ readers and get Moneywise’s best stories and exclusive interviews first — clear insights curated and delivered weekly. Subscribe now.
‘The hand you’re dealt’
Energy Secretary Chris Wright said he planned to speak to oil refiners on August 17 about ramping up daily production, Reuters reported. The administration has also threatened to take action against “price-gouging” by oil companies and has drawn down the U.S.’s emergency oil reserves, which are now at their lowest level since the early 1980s.
Republican lawmakers have tried to avoid downplaying economic anxieties while toeing the line that the Iran War will benefit the U.S.’s national security in the long run.
“Well, prices are too high,” Rep. Mike Flood of Nebraska recently told the Hill. “I don’t want to dismiss that. It’s important. It’s something that every single person talks about in my district and across the country.”
On gas prices, Flood said Republicans are just playing “the hand you’re dealt.”
You May Also Like
- JP Morgan sees gold hitting $6,000/oz before 2027 — and a Gold IRA lets you hold the physical metal while deferring the tax bill. Get your free guide from Priority Gold
- Dave Ramsey warns nearly 50% of Americans are making 1 big Social Security mistake — here’s what it is and the simple steps to fix it ASAP
- Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how
- Millionaires under 43 are reshaping investing — just 25% of their portfolios are in stocks. Here’s where their money is going
Joseph Zeballos-Roig is a policy and politics journalist based in Washington D.C with a focus on economics. He is experienced in connecting the significance of events in the capital to the lives of everyday Americans whether its taxes, tariffs, interest rates or federal programs.
