The consequences for oil prices and Americans’ wallets could be swift and severe. That’s sent oil prices up sharply. But America’s escalating conflict with Iran threatens to send oil prices significantly higher, potentially reversing the yearlong slide in gas prices that Trump has boasted about for months. Oil at $80 a barrel could send gas prices, on average, back above $3 a gallon. “Where affordability is a big issue, if gasoline prices come into the mix, the goal will have to be to keep oil prices lower to keep gasoline prices lower.”Trump has long touted – and exaggerated – the effects of lower gas prices.

Source: CNN February 20, 2026 15:23 UTC