It may be 2027 before gasoline prices in Iowa fall back to where they were before the war with Iran, according to a University of Iowa professor who’s written about the oil shocks of the 1970s. UI Professor Tyler Priest teaches a course on US Energy Policy and he says President Trump’s statements on social media are major contributors to the swings in the stock market and in crude oil prices.
Gasoline prices in Iowa are the highest they’ve been in nearly four years, and Priest predicts they likely won’t fall significantly for many months, even if the war is declared over and the Strait of Hormuz is immediately reopened.
Analysts and traders are warning that the global oil market is about a month away from a severe supply crunch. Priest says even though the U-S doesn’t buy any of its oil from Iran, the war is causing a massive disruption in oil supplies.
Most of that imported oil comes from nations like Canada, Mexico and Venezuela. Some media outlets report President Trump’s approval rating is at an all-time low and Priest says the price at the pump is playing a key role in those opinion polls.
Priest’s latest book, “Offshore Oildom,” examines the political significance and controversies over U.S. offshore oil and gas extraction. According to Triple-A, the average price for a gallon of regular unleaded gasoline was $4.21 a gallon on Sunday — that’s a $1.30 higher than a year ago. Iowa’s record high hit in June of 2022, when gas was selling for $4.76 a gallon.
