Gas prices in the United States have reached their highest levels in years, as the impasse between the U.S. and Iran continues after nearly nine weeks of war. Iran responded to the U.S.-Israeli attack by blocking most maritime traffic through the Strait of Hormuz, a waterway through which nearly one-fifth of the world’s oil passes. Although President Donald Trump has claimed at various…
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U.S. President Donald Trump’s unprovoked war of choice in Iran has been a goldmine for the fossil fuels industry, which is earning massive windfall profits thanks to the rise in the price of petroleum. An analysis published by The Guardian on Wednesday estimated that the 100 biggest oil and gas companies have collectively raked in an extra $30 million per hour since Trump launched his war…
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A new report from the International Monetary Fund (IMF) warns that the U.S.-Israeli joint war on Iran has stalled economic momentum for this year, and, if the war lasts for several months, has the potential to cause a global recession. The report, published on Tuesday, blamed disrupted supply chains, primarily for oil, for its changes in projections compared to a previous report issued in…
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In a Fox News interview earlier this week, President Donald Trump appeared to acknowledge that the war on Iran he started in late February would have economic consequences, including higher gas and oil prices for the foreseeable future. While higher prices are detrimentally affecting millions of Americans at gas pumps across the country, Trump — who campaigned on lowering costs to below $2…
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The rise in gas prices happened so quickly, single mom Luna Rosado has barely had time to adjust. Rosado fills her tank twice a week to commute to her two health care jobs and shuttle her three kids to school, basketball and soccer practice. This month, as costs have risen 30 percent after the start of war in Iran, she’s been paying about $40 more a week on gas. That’s $160 less a…
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As major firms have blared dire warnings about the effects of the U.S. and Israel’s war on Iran on the economy and the growing affordability crisis, President Donald Trump on Sunday bragged to reporters about plans for his $400 million gilded White House ballroom on Air Force One. Holding up printed renderings of the ballroom, Trump bragged for several minutes about the extravagant-looking…
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