Americans to Pay $1,096 Extra at Gas Pump Due to Trump-Israel War on Iran: Markey

An analysis published Thursday by the office of US Sen. Ed Markey estimates that the average American motorist will pay nearly $1,100 extra for gasoline in 2026 due to President Donald Trump's war of choice on Iran.

"The data highlights a worsening affordability crisis, with the average American family facing an annual increase of $1,096 this year if gas prices remain at $4.14 per gallon—a shocking increase of $1.16 per gallon since Trump launched his war on Iran in February," Markey's (D-Mass.) office said.

"These numbers are likely an underestimate," the analysis notes. "Many analysts predict gasoline prices will rise higher without a permanent end to the war. Instead of investing in energy independence, Trump has done everything in his power to destroy American-made affordable clean energy... and double down on the fossil fuels that are now skyrocketing in price."

"As Americans pay more at the pump, fossil fuel industry executives profit," Markey's office said. "During Trump’s first year in office, the five largest oil companies—ExxonMobil, Chevron, ConocoPhillips, Shell, and BP—made more than $75 billion dollars in profits."

Fossil fuel interests spent $445 million to help elect Trump and other Republicans in 2024. And while some Big Oil executives are reportedly upset that the ceasefire agreement with Iran apparently includes Iranian control of the Strait of Hormuz and the power to charge tolls to tankers passing through the vital waterway, industry executives sold a reported $1.4 billion in shares before and during the war that they may subsequently buy back during market dips fueled by the volatility caused by Trump's actions.

“America’s small businesses, workers, and families are really feeling pain at the pump—all thanks to Trump’s illegal war on Iran," Markey, the ranking member of the Senate Small Business and Entrepreneurship Committee, said in a statement introducing the analysis. "Instead of delivering real relief to the American people, Trump is doubling down on his reckless economic policies, which are only driving up energy prices, enriching his oil and gas buddies, and worsening the affordability crisis for everyone else."

“In uncertain times like these, gas prices go up like a rocket but come down like a feather," he added. "This administration must get serious about alleviating the crisis he alone created, or risk further throttling families’ finances and putting even more pain on Main Street.”

A Pew Research Center survey published earlier this week revealed that gas prices are Americans' biggest concern about the Iran War, with 69% worried about higher fuel costs. By comparison, 61% said they were concerned about sending ground troops to invade Iran, 59% fretted over high casualties among US troops, and 56% said they fear a terror attack on the United States.

This isn't the first time that Markey has shined a spotlight on the economic harm to American families caused by the actions of a president who campaigned upon core promises of lower consumer prices—including gasoline—and no new wars. Last month, Markey asked the Bureau of Labor Statistics to “immediately undertake and publish a comprehensive analysis of the likely consumer price impacts” of the war over the next 6-12 months.

Markey's analysis came on the same day that the National Priorities Project at the Institute for Policy Studies published a report estimating that the average American taxpayer gave $4,000 to the federal government last year “for militarism and its support systems."

That cost is likely to rise even further if Congress approves Trump's request for a record $1.5 trillion US military budget for the next fiscal year.