As Trump Predicts Gas Prices Will 'Drop Like A Rock,' Moody's Chief Economist Estimates $100 Billion Iran War Cost To Americans

Benzinga06-02

The U.S. war with Iran has dealt a staggering $100 billion setback to American consumers, according to estimates by Moody’s chief economist, erasing the financial cushion previously provided by recent...

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Zandi warned that the situation represents a massive “economic blow,” driven by soaring military expenditures and spiked fuel prices.\nWashington Democrats are viewing the economic data to launch criticisms against the administration. Senator Elizabeth Warren (D-Mass.) claimed the conflict inflicts $800 million daily in “excess costs” at the pump.\nPresident Donald Trump remains fiercely defiant despite the grim macroeconomic indicators. In a phone interview with CNBC, Trump shrugged off the collapse of peace negotiations and potential Iranian blockades in the Strait of Hormuz, stating, \"I don't care if they're over, honestly.\"\nDismissing market anxieties following an immediate 8% spike in oil prices, Trump predicted that crude would soon be \"dropping like a rock\" and gasoline would plummet to $1.85 a gallon once the crisis resolves.\nHe maintained that American consumers ultimately backed his hardline strategy. \"Once you explain that this is all about Iran having a nuclear weapon, people are willing to pay a little bit more,\" Trump insisted.\nAt the time of publishing this piece, WTI Crude Oil futures were trading 1.12% lower to hover around $91.13 per barrel. Meanwhile, Brent Crude Oil futures was 0.93% lower at $94.10 per barrel.\nHere’s how a few energy stocks and linked ETFs have performed recently.\nDisclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.\nPhoto courtesy: Shutterstock\nTo add Benzinga News as your preferred source on Google, click here.","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.43.1","shortVersion":"4.43.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2640911718","isCrawlerRequest":true}