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U.S. Energy Prices Spike Amid Iran Conflict, Lasting Weeks

3/8/2026

48 5 Full Breakdown

Summary

Wright Addresses Energy Prices

U.S. Energy Secretary Chris Wright says the energy price spike caused by the war with Iran will last weeks, not months.
He says the United States will not target Iran's energy sector.
U.S. President Donald Trump says there is no need to tap the Strategic Petroleum Reserve.
Gas prices have risen to about $3.41 per gallon, with some areas higher, while voters worry about costs before the midterm elections.

Summary

Trump Ignores Rising Prices

Gas prices rose to $3.41 per gallon as of March 7, 2026, up 14% in a week.
The U.S.-Israeli conflict with Iran disrupted oil via the Strait of Hormuz, which handles 20% of global oil.
Analysts warn the conflict could push prices higher, above $100 per barrel.
U.S. President Donald Trump remains unconcerned about prices, citing military priorities.
In Cincinnati, prices have risen as much as 80 cents per gallon.

History

Historical Context

The 1973 oil crisis began when the Organization of Arab Petroleum Exporting Countries (OAPEC) imposed an embargo in response to U.S. support for Israel during the Yom Kippur War. This led to a nearly 300% increase in oil prices, severely impacting global economies. Today’s rising gas prices echo these tensions, highlighting the ongoing vulnerability of energy markets to geopolitical conflicts.

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Wright Addresses Energy Prices

U.S. Energy Secretary Chris Wright says the energy price spike caused by the war with Iran will last weeks, not months.
He says the United States will not target Iran's energy sector.
U.S. President Donald Trump says there is no need to tap the Strategic Petroleum Reserve.
Gas prices have risen to about $3.41 per gallon, with some areas higher, while voters worry about costs before the midterm elections.

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