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Two in three Americans are facing financial hardship due to increased gas prices, according to a new poll gauging the Iran war’s impact on the U.S. economy.
In the Gallup poll, 67 percent of respondents said “recent price increases in gasoline” have resulted in “financial hardship” for themselves or their household. Thirty-three percent said recent gas price increases “have not caused hardship” for themselves or their household.
The poll comes in the wake of a rise in prices at the pump since the war against Iran started in late February, as the Strait of Hormuz, a key waterway for the oil industry, has been closed amid the conflict.
According to AAA, the average price of a gallon of regular gas in the U.S. was at about $3.92 on Thursday morning, down from about $4.51 last month, but up from about $3.23 a year ago.
Recent mixed messaging from the U.S. and Iran on the Strait of Hormuz has caused uncertainty surrounding the status of the waterway and global oil supplies. Last weekend, the Iranian military said it would close the strait in response to Israeli strikes in Lebanon. However, at the same time, the U.S. said the strait was not closed.
U.S. Central Command said last weekend that travel for commercial ships through the strait “increased” Saturday and that passage without harm “remained intact.”
On Sunday, Energy Secretary Chris Wright said the flow of oil through the Strait of Hormuz is returning “back towards normal.”
Beyond the effects of gas prices, the Gallup survey also found 72 percent of respondents said “economic conditions in the country as a whole” are worsening, while 23 percent said they are improving. Three percent saw the economic conditions as remaining the same, and 1 percent had “no opinion.”
The Gallup poll took place from June 1-15, featuring 1,001 U.S. adults and a margin of error of 4 percentage points.
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