Oil reserve releases should mitigate rising energy prices amid actions to stop Iranian terrorism.
WASHINGTON, D.C. — Today, the Bureau of Labor Statistics announced that inflation, as measured by the consumer price index (CPI) on all items, increased by 2.4% for the 12 months ending in February, holding steady from January at 2.4% and slightly below economists’ expectations.
Core inflation, which excludes volatile energy and food prices, also remained steady, increasing at a pace of 2.5% year over year in February—the same increase seen in January.
Prices for everyday Americans continue to fall. Over the last month, prices for electricity, dairy products, and used car and truck rentals all declined.
Although gas prices this year hit their lowest levels since 2021, average national gas prices today hit $3.59 per gallon, which is the highest it has been since May 2024. According to GasBuddy, as of March 9, the median U.S. gas price is $3.45 per gallon, with the highest average prices seen in California, Washington state, and Hawaii.
Coordinating with the United States, the International Energy Agency (IEA) announced today it would carry out its largest-ever release of oil reserves—400 million barrels—to mitigate energy price increases related to the United States and Israel’s actions to stop the spread of Iran’s global terrorism.
Wage growth remains strong under President Trump’s second term. Private sector workers have seen their wages rise 3.8% over the past 12 months as workers earn back the purchasing power lost under the Biden administration. Under former President Biden, workers lost real wages due to cumulative inflation of more than 20%. However, so far under President Trump’s second term, wage growth has outpaced inflation, with real wages increasing about 1.5% under President Trump’s leadership.
Carrie Sheffield, senior policy analyst for Independent Women’s Center for Economic Opportunity, issued the following statement:
“America continues to enjoy a robust economy, including stabilizing inflation and strong worker wage growth, thanks to President Trump’s leadership to improve affordability for America’s families. Although these February price readings precede the Middle Eastern conflict, Americans can be heartened that prices are holding steady, if not falling.
“We agree with President Trump: a short-term gas price rise is temporary pain for long-term gains against Iranian terrorism and should be mitigated by today’s announcement of oil reserve relief from the International Energy Agency. Oil reserves serve as a buffer against energy shocks due to circumstances such as military conflict, not for election outcomes.
“Additionally, unprecedented energy deregulation under the Trump administration is protecting households from harmful ‘green’ mandates.
“President Trump and conservative members of Congress also last year passed tax cuts and other reforms in the Working Families Tax Cuts, which are improving wage growth and ensuring families keep more of their hard-earned money heading into tax season.
“We look forward to seeing these efforts bear fruit and continue to ease inflation for American families in the months ahead.”
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