Studies Show Trump Policies Are Causing Gas Prices to Surge & Fueling Higher Costs on Consumers & Businesses

CRANSTON, RI - Today, U.S. Senator Jack Reed stopped by the Mobil gas station on Oaklawn Avenue in Cranston to discuss how President Trump's war of choice with Iran and trade wars with America's allies are fueling higher prices for Americans at home, triggering market instability and supply chain disruption, and causing economic pain for consumers and businesses alike.

Since President Trump launched his war with Iran in late February, gas prices in Rhode Island have spiked over $1 per gallon. Today, the average price in Rhode Island is about $3.98 per gallon and the average price nationally is $4.06, according to AAA. The price of diesel in Rhode Island is $5.70 per gallon. As of this morning, Brent crude oil was trading at around $104 per barrel.

While U.S. retail gas prices typically rise and fall seasonally, the Trump oil price spike and the prolonged closure of the Strait of Hormuz are taking a major bite out of Rhode Islander's paychecks and increasing the costs of everyday essentials at a time when household budgets are already being squeezed by President Trump's tariffs and health care cuts.

President Trump's war with Iran has already caused a $25.7 billion energy burden for American consumers compared with pre-war levels, according to researchers at Brown University, who estimate Rhode Islanders have already collectively paid an extra $196 per household due to higher gas and diesel price spikes. The researchers launched a web site: https://iranwarcost.watson.brown.edu/ to continually track the rising costs.

It is not just oil that flows through the Strait of Hormuz, but also other key commodities -- disrupting roughly one-third of global fertilizer trade and about 30 percent of global helium exports, as well as aluminum, metals, and chemicals -- and triggering higher prices for food producers and manufacturers.

During the press conference, Senator Reed, the top Democratic on the Senate Armed Services Committee laid the blame on elevated gas prices squarely on the shoulders of President Trump for his repeated policy failures. Senator Reed stated:

"The person responsible for this oil price shock is President Trump. And while the war is fought overseas - gas stations like this are where policy meets reality and the costs come with receipts that people can see and feel. Families who are already stretched thin are being hammered by President Trump's reckless policies. His war of choice with Iran and his chaotic, dysfunctional actions are wreaking havoc on fuel and other costs here at home. And it comes on top of President Trump already squeezing consumers and businesses with his trade war tariffs.

"President Trump didn't bother to make the case for this war before he launched it. He ignored both Congress and the American people, and simply went with his gut. Now we're all paying the price. Well, let me correct that - we the consumers are paying the price. President Trump's Big Oil contributors are reaping record windfall profits. But instead of actually fixing things, or trying to address affordability and provide the American people with much needed financial relief, President Trump seems to think he can just try to change perception. That is why this White House keeps contradicting itself. President Trump is costing Americans jobs, opportunities, and increasing inflation. He must change course."

Reed also noted that while President Trump has repeatedly declared fuel prices will shrink once the war ends, gas prices are driven by the global oil market and Americans could be forced to pay artificially elevated prices long after the fighting stops.

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