New data shows Trump’s illegal war on Iran will cost American families nearly $1,100 more at the pump this year
(Washington, April 9) – Ranking Member Edward J. Markey (D-Mass.) today released new data spotlighting how Trump’s illegal war on Iran is hurting American small businesses, families, and workers at the pump. The data highlights a worsening affordability crisis, with the average American family facing an annual increase of $1,096 this year if gas prices remain at $4.14 per gallon—a shocking increase of $1.16 per gallon since Trump launched his war on Iran in February. Trump’s skyrocketing gas prices come at a time when small businesses, families, and workers are already grappling with Trump’s other reckless economic policies, including his cuts to affordable health care, his dismantling of clean energy networks, and his burdensome tariff taxes.
“America’s small businesses, workers, and families are really feeling pain at the pump—all thanks to Trump’s illegal war on Iran. Instead of delivering real relief to the American people, Trump is doubling down on his reckless economic policies, which are only driving up energy prices, enriching his oil and gas buddies, and worsening the affordability crisis for everyone else,” said Ranking Member Markey. “In uncertain times like these, gas prices go up like a rocket but come down like a feather. This administration must get serious about alleviating the crisis he alone created, or risk further throttling families’ finances and putting even more pain on Main Street.”
Key findings from Ranking Member Markey’s analysis include:
- As of the week of April 6, everyone who drives a gas-powered vehicle—every American small business owner and every worker who uses a gas-powered vehicle to commute—now faces an average annual increase of more than $548 in fuel costs per vehicle. The average American family with two cars stands to pay over $1,096 more for gas each year.
- As Americans pay more at the pump, fossil fuel industry executives profit. During Trump’s first year in office, the five largest oil companies—ExxonMobil, Chevron, ConocoPhillips, Shell, and BP—made more than $75 billion dollars in profits.
Ranking Member Markey is fighting to deliver real relief for small businesses, workers, and families who are getting slammed by Trump’s devastating and reckless policies.
- Two weeks ago, Ranking Member Markey sent letters to CEOs at five of the largest oil and gas companies demanding that big oil and gas companies do not award executives profits generated from rising oil prices during Trump’s illegal war in Iran.
- Earlier in March, Ranking Member Markey sent a letter to the Bureau of Labor Statistics (BLS) demanding full transparency about the economic costs of Trump’s illegal war with Iran and how the war will harm American consumers. He urged BLS to provide non-partisan and accurate evidence of the economic consequences of Trump’s illegal war in Iran, regardless of political pressure from the Administration. BLS has not responded to the letter.
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