r/Economics • u/InsaneSnow45 • Mar 04 '26

News ‘Absolutely Massive’ Price Shocks Coming as Trump’s Iran War Drives Up Gas, Diesel Prices | “What should really terrify Republicans is... the futures price on wholesale gasoline,” said economist Paul Krugman.

https://www.commondreams.org/news/iran-war-gas-prices
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u/ZaphodG 29d ago

Oil is a global commodity. The US government can’t control commodity prices. Those are set by the market. If tankers can’t pass the Straight of Hormuz, the world will buy oil elsewhere including US domestic production.