The White House should be worried as oil prices surge to $73 a barrel following Israel’s airstrikes on Iran. The attack has raised concerns about rising gasoline prices, which are already set to increase voters’ natural gas and electricity bills. Energy analysts predict that prices could jump by 25 cents a gallon in the coming weeks.
US President Donald Trump is facing an economic nightmare, similar to what happened during Joe Biden’s presidency, as oil prices rise due to conflicts outside his control. The attack has sparked concerns about the global market, with energy analyst Patrick De Haan predicting a $100 a barrel price if the conflict widens and disrupts oil shipments from the Middle East.
Trump is concerned about the rising gasoline prices, which could be damaging to his presidency. Gasoline prices averaged $3.13 a gallon on Friday, up from 33 cents less than a year ago. Trump has started complaining publicly about global markets not meeting his energy price goals.
Energy Secretary Chris Wright told Trump that he was planning to release oil from the Strategic Petroleum Reserve to lower prices, but this option is limited due to the reserve’s reduced size since Biden’s administration.
Analysts say that geopolitical price spikes pose a bigger risk of recession than inflation. White House officials maintain that cutting regulations and reducing red tape have lowered energy costs for Americans, but Trump’s campaign promises on energy prices remain unfulfilled. The situation remains fluid, with oil prices potentially stabilizing before the weekend but facing a significant retracement next Monday if the conflict is contained.
Source: https://www.politico.com/news/2025/06/13/the-white-house-should-be-worried-oil-prices-soar-after-israels-attack-00405030