Gas prices are poised to surpass $4 per gallon, up from about $3 a month ago, as Iran's blockade of the Strait of Hormuz continues to disrupt global energy markets. The conflict has created a triple threat for American households: surging energy costs, rising interest rates, and stock market volatility.
The timing compounds existing affordability challenges that have shaped public opinion over four years of elevated inflation. Consumer prices are already up 25% since December 2020, and the current energy shock threatens to extend this inflationary period when Americans desperately want relief from high costs.