AI Summary
5 min readThe national average for a gallon of gas hit $4.40 and is climbing fast—up 35 cents in a single week. That is the dominant economic reality for American households right now, and it is the through-line of this episode. The Strait of Hormuz remains choked off, Iran’s new Supreme Leader has declared he will attack any forces supporting U.S. patrols in the region, and Brent crude oil has skyrocketed to its highest level in years. The war is now a war about oil, and the economic pain is arriving at the pump with a lag that is now catching up.
Gas prices explode as the oil supply shock deepens
ABC’s Elizabeth Scholze reports that the national average is now above $4.40, a jump of $1.46 since the start of the year. California is already above $6 a gallon on average, and several states are approaching or exceeding $5. Diesel prices are nearing $6 a gallon. The spike is the delayed consequence of the oil price surge that began at the end of last week, now passing through to retail stations. Refinery issues in the Midwest have added localized pressure, but the big picture is clear: the world is in the middle of the biggest oil supply shock in history, now in its ninth week.
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What you'll learn
- 1 (01:05) **Gas Prices Surge as Oil War Escalates** - The episode opens with the national average gas price above $4.40, up 35 cents in a week, driven by the ongoing oil supply shock from the Strait of Hormuz closure.
- 2 (03:02) **Americans Feel the Economic Pinch** - A new ABC News/Washington Post/Ipsos poll shows 44% of Americans are driving less due to gas prices, and a majority now say they are falling behind financially under President Trump.
- 3 (04:05) **Diesel Costs Ripple Through the Economy** - Rising diesel prices are increasing shipping costs for businesses, which are being passed down to consumers in the form of higher grocery and goods prices.
- 4 (11:13) **76-Day DHS Shutdown Finally Ends** - Congress ends the longest partial government shutdown in history, funding the Department of Homeland Security (excluding ICE and CBP) through a voice vote with little fanfare.
- 5 (21:47) **White House Correspondents' Dinner Shooting Suspect Refuses to Contest Detention** - Cole Allen, the suspect in the shooting, appeared in court and chose not to fight being held, surprising observers.
- 6 (26:38) **First Commercial Flight from U.S. to Venezuela in Years** - An American Airlines flight from Miami to Caracas marks the resumption of commercial air travel after diplomatic ties were re-established following the capture of Nicolas Maduro.
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Guests on this episode
Show Notes
Oil reaches its highest price in years, as Americans express discontent over the economic toll of the war in Iran. The House agrees to a DHS funding deal, ending a 76-day shutdown. And the man suspected of attacking the White House Correspondents’ Dinner declines to challenge his detention in jail.
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