Americans Are Queasy Over Gas Prices, but Not in Revolt

U.S. consumers are feeling the rising gas prices and seem to still be plugging away as usual with their day-to-day activities and travel. 

The cost of a gallon of unleaded gas has risen by a dollar since the start of the Iran conflict. Rising gas prices are felt by consumers at the gas pump and in higher air travel costs. Higher diesel fuel prices mean businesses face higher costs for shipping, imports, and agriculture.

The president has assured us that these price spikes will be temporary. However, one of his cabinet members is less optimistic, suggesting recently that prices may not return to their previous lows until 2027.

Gas prices per AAA as of 4/20/26:

As of right now, Americans are giving the Trump administration some grace, but their patience may wear thin. 

Polling on gas prices

Rising gas prices are the greatest concern for Americans, especially in this Iranian conflict. According to Pew Research polling during week 6 of the conflict, about seven-in-ten Americans (69%) expressed concern, including 45% who are extremely concerned. 

Among other concerning outcomes from this conflict, including the deployment of U.S. troops on the ground, U.S. military casualties, or the conflict spreading worldwide, gas prices were still of top concern to voters. Politically, most Democrats (79%) and Republicans (59%) are worried about higher gas prices, a point of bipartisanship.

In other polling, the partisan divides are much greater. Currently, Americans are largely placing responsibility for the higher prices on the White House. Quinnipiac University’s national poll released last week found that a significant majority of voters blame President Trump, compared to just a quarter who don’t blame him at all.

This breakdown is largely along political lines; Democrats are likely to cast all the blame on the president, and Republicans are likely to shield him from it. 

Though Gas is How, Other Costs are Falling

Gas prices are one of the most tangible affordability factors that affect every household. They underpin the economy in Americans’ eyes and motivate how they feel about the state of the economy.

Rising energy costs can quickly increase pressure on budgets when they rise and provide relief when they fall.  

If prices do not recede but continue to remain high and spread more broadly across the economy and to different sectors, voters could hold the party in power accountable during midterm elections.

As we pointed out in the March Inflation Report, the good news is that core inflation, which excludes volatile energy and food prices, was flat over the past month and increased slightly at a pace of 2.6% year-over-year in March, from 2.5% in February:

Prices on day-to-day items fell in March, which provides some relief, even as Americans deal with higher energy prices. Prices on grocery basket goods are coming down: meats, poultry, fish, eggs, cereals, baked goods, and non-alcoholic beverages all declined in March. This is great for individuals struggling to feed themselves and their families. Medical care and prescription drugs also fell, with even greater savings on the horizon from President Trump’s landmark healthcare price transparency reforms. In addition, consumers seeking to use their big tax refunds to shop for used cars and trucks will also find better prices.

Also, prices have not broken the levels they did in 2022 when massive COVID-era spending kicked in, and Russia invaded Ukraine. Secretary Wright believes we’ve hit the highest energy prices we’ll see during this conflict, even if it takes time for them to float back down to pre-Iran conflict levels.

Bottom Line

Americans are under financial pressure due to geopolitics, but falling prices on household goods outside of energy and big tax refunds have provided a cushion against high energy costs. If costs recede quickly, Americans will have weathered temporary price spikes as the U.S. government denuclearized a hostile nation.