The Real Story About Gas Prices, National Security, and the Economy
30th September 2026
While the American military action in Iran has been a source of many benefits to the U.S., a collateral negative effect has been the increase in world oil prices and the associated increase in gas prices at the pump for U.S. consumers. However, things may not be as dire as many would lead you to believe.
To understand the real state of things, examining U.S. gas prices over the past two decades provides invaluable insight—and it allows for a more informed and rational discussion of the pros and cons of this Iran conflict.
The table below documents the average gasoline prices during recent U.S. administrations before factoring in inflation. The average price of gas during Trump 1.0 was about 48 cents per gallon less than under Obama. Average gas prices during Trump 2.0 have been about 9 cents per gallon less than during the Biden administration.