American households have paid an extra $447 on energy since start of Iran war

The average American household saw its energy costs increase by $447.19 since President Donald Trump began U.S. military attacks on Iran on Feb. 28, according to a new analysis by Moody’s Analytics. Mark Zandi, the financial research company’s chief economist, told CNBC on June 2 that if prices remain at current levels, that number will rise to nearly $2,000 by the end of next February. 

During his 2024 campaign, President Donald Trump vowed repeatedly that he would “end inflation and make America affordable again” from day one of his second term. 

“My plan will cut energy prices in half or more than that within 12 months of taking office,” he said in a September 2024 address at the Economic Club of New York. “Energy is going to bring us back. That means we’re going down and getting gasoline below $2 a gallon, bring down the price of everything from electricity rates to groceries, airfares, and housing costs.”

According to the U.S. Energy Information Administration, energy prices have not been halved; average national gasoline prices have not dropped below $2 in any week since Trump returned to the White House. The lowest price was $2.779 in January.

In response to U.S. and Israeli military actions that began in February, Iran blocked ships from traveling through the Strait of Hormuz, a passageway on the shipping route used to deliver oil and other exported goods from the Middle East. This has reduced supply and increased the price of fuel for American consumers.

On Feb. 26, a gallon of unleaded gasoline cost $2.635 in Iowa, according to AAA data. As of June 2, the average cost was up to $3.921.

Trump said in a March 8 Truth Social post: “Short term oil prices, which will drop rapidly when the destruction of the Iran nuclear threat is over, is a very small price to pay for U.S.A., and World, Safety and Peace. ONLY FOOLS WOULD THINK DIFFERENTLY!”

On May 13, a reporter asked Trump about how much he was taking the financial situation of Americans into account during negotiations with Iran. Trump answered: “Not even a little bit. The only thing that matters when I’m talking about Iran, they can’t have a nuclear weapon. I don’t think about Americans’ financial situation. I don’t think about anybody. I think about one thing: We cannot let Iran have a nuclear weapon.”

Members of the Senate and House of Representatives have attempted on multiple occasions to pass legislation to direct Trump to remove military forces from the hostilities in Iran.

Republican Sens. Joni Ernst and Chuck Grassley and Reps. Randy Feenstra, Ashley Hinson, Mariannette Miller-Meeks, and Zach Nunn all voted no. Their offices did not immediately respond to a request for comment for this story.

Asked on June 2 about a timeline for ending the war, Hinson told a voter in Webster County, in audio obtained by Politico: “I’m deferring to the president on the negotiations because he has the team doing it. … I do hope we can get this done by the next couple of weeks. If it drags on beyond that, it’s a political liability for us too, because we’ve lost Iowa soldiers. I’ve been to four funerals since December, it’s awful.”

“President Trump has always been clear about temporary disruptions as a result of Iran’s attempts to subvert the free flow of energy,” White House spokesperson Kush Desai said in an emailed statement. “The Administration has never lost focus, however, on implementing the President’s proven economic agenda on the home front. As these policies continue taking effect, and as the Iranian terror threat is neutralized, Americans will again see cooling inflation, gas prices at multi-year lows, and accelerated economic growth.”