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Lawmakers: War in Iran and blockade are hurting American wallets
Experts say gas prices have surged by more than $1 since the conflict began, adding to grocery costs and weakening consumer sentiment.
- On Wednesday, Treasury Secretary Scott Bessent testified before the Senate Banking Committee regarding economic strain in the United States, as the war in Iran and the Strait of Hormuz blockade drive up energy and grocery costs nationwide.
- Gas prices have surged by more than a dollar since the conflict in Iran began, fueling record-low consumer sentiment according to the University of Michigan and experts.
- An AP-NORC poll shows President Donald Trump's economic approval dropped 8% last month, while Bessent cited 60 million Americans benefiting from tax cuts that lawmakers argued were offset by rising pump prices.
- Sen. Jack Reed, D-R.I., challenged Bessent's optimistic outlook, stating, "You recently claimed that in their heart of hearts, consumers feel good. But that's not supported by polling that is constant and accurate."
- Bessent argued that oil markets and gasoline prices are positioned to drop once the conflict ends, saying, "Again, that is path dependent on when the war and the conflict end.
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Leaning Left0Leaning Right0Center20Last UpdatedBias Distribution100% Center
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C 100%
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