‘If they rise, they rise’: Trump has zero concern for spiking US gas prices — says Iran operation ‘far more important’
View original at finance.yahoo.com‘If they rise, they rise’: Trump has zero concern for spiking US gas prices — says Iran operation ‘far more important’ A week ago, President Donald Trump stood before Congress and touted cheap gas…
What we drew from this source
The claims Via News extracted from this document. We point to the source; we don't replace it.
A closure of the Strait of Hormuz pushing WTI crude to $100 per barrel could add roughly 1.3 percentage points to headline inflation at its peak, with core inflation rising by about 0.3 percentage points
80% confidenceTrump expressed confidence that the Strait of Hormuz will remain open
80% confidenceFailing to act on rising gas prices would be catastrophic for Republicans heading into the November midterms
80% confidenceIt remains unclear whether the price increase will persist because the conflict is still in its early stages
80% confidenceA $50-per-barrel spike in oil would add a full percentage point to second-quarter inflation
80% confidenceGas prices will drop very rapidly when this is over, and if they rise, they rise, but this is far more important than having gasoline prices go up a little bit
80% confidenceThe conflict could affect the near-term inflation outlook. We'll have to see how persistent this is and how long this is, but it would have an effect on overall inflation
80% confidenceProduction cuts could approach 6 million barrels per day by the end of next week if the Strait remains closed
80% confidenceA sustained 10% rise in oil prices would boost headline CPI by about 0.28 percentage points and core CPI by just 0.04, and in scenarios where oil stays elevated for several months, year-over-year headline inflation could temporarily climb back toward 3%
80% confidenceTrump outlined a four-to-five-week timeline for the military campaign
80% confidenceIn today's American economy, spikes in oil prices do not present the same significant downside risk to top-line economic growth or inflation as they did a half century ago
80% confidenceQatar's energy minister warned that crude could hit $150 per barrel if tankers can't get through the Strait of Hormuz
80% confidenceHe was no longer as confident in his previous call for a rate cut this year, noting that with the geopolitical events, we need to get a lot more data in
80% confidence