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Gas Prices Surge 40% After Hormuz Closure, Trump Approval Drops

4/30/2026

29 5 Full Breakdown

Summary

Story summary

Gasoline prices jumped 40% to $4.18 a gallon after U.S. and Israel strikes on Iran closed the Strait of Hormuz.
The surge lifted grocery, shipping and building costs and pushed inflation higher.
President Donald Trump’s approval fell to 34 percent, while 78 percent of Republicans back him.
A Gallup poll found 55 percent of Americans say their finances are worsening, prompting Republican leaders to warn pressures could hurt midterm chances.

History

Historical Context

In October 1973 OAPEC, led by Saudi Arabia’s King Faisal, imposed an oil embargo on the United States and other Israel supporters, cutting production by 5 % and raising the posted price of Saudi Light from $3.01 to $5.12 per barrel. The sudden 400 % price jump spurred Nixon’s emergency petroleum allocation act and reshaped U.S. energy policy for decades.

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Story summary

Gasoline prices jumped 40% to $4.18 a gallon after U.S. and Israel strikes on Iran closed the Strait of Hormuz.
The surge lifted grocery, shipping and building costs and pushed inflation higher.
President Donald Trump’s approval fell to 34 percent, while 78 percent of Republicans back him.
A Gallup poll found 55 percent of Americans say their finances are worsening, prompting Republican leaders to warn pressures could hurt midterm chances.

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