Get Used to High Gas Prices
The Atlantic reports that U.S. gas prices are likely to remain high through the November midterm elections despite potential cease-fire talks in the Iran war. The article attributes this to depleted global oil inventories and the structural nature of the current energy market.
Why it matters
Persistent inflation and high energy costs are significant political liabilities for the Trump administration ahead of critical midterm elections.
Even if the Iran war ends tomorrow, don’t expect relief at the pump any time soon.
Kayla Bartkowski / Los Angeles Times / Getty Images August 4, 2026, 7 AM ET Share Save Donald Trump’s approval rating is abysmally low for many reasons, but one of the most important is undoubtedly the price of gas. Trump’s decision in February to go to war with Iran sent gas prices soaring. Since then, the average price of gas in the United States has not dropped below $3.50 a gallon, even during the brief cease-fire that began in June. The resumption of the conflict a few weeks ago sent prices back above $4 a gallon.
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