Ranking Member Edward J. Markey of the Senate Small Business and Entrepreneurship Committee released new data on April 9 highlighting the impact of recent increases in gas prices, which he attributes to former President Trump's actions regarding Iran. The analysis shows that American families could face an annual increase of $1,096 in fuel expenses if current prices persist.
The issue is significant for small businesses, workers, and families who are dealing with higher energy costs at a time when they are also affected by other economic policies. Markey said, “America’s small businesses, workers, and families are really feeling pain at the pump—all thanks to Trump’s illegal war on Iran. Instead of delivering real relief to the American people, Trump is doubling down on his reckless economic policies, which are only driving up energy prices, enriching his oil and gas buddies, and worsening the affordability crisis for everyone else.” He added that “In uncertain times like these, gas prices go up like a rocket but come down like a feather. This administration must get serious about alleviating the crisis he alone created, or risk further throttling families’ finances and putting even more pain on Main Street.”
Markey's findings indicate that as of early April every driver using a gasoline-powered vehicle faces an average annual increase of over $548 in fuel costs per vehicle. Families with two cars may pay more than $1,096 extra each year for gasoline. During Trump's first year in office major oil companies—ExxonMobil, Chevron, ConocoPhillips, Shell, and BP—reported profits exceeding $75 billion.
Markey has taken steps such as sending letters to chief executives at large oil companies urging them not to award executive bonuses based on increased profits from higher oil prices during what he calls "Trump’s illegal war in Iran." He also wrote to the Bureau of Labor Statistics seeking transparency about how this conflict might affect consumers economically; however BLS has not responded.
The Senate Small Business and Entrepreneurship Committee supports informed decision-making on national fiscal priorities according to its official website. The committee offers Congress comprehensive policy options related to federal budget components according to its official website and features Lindsey Graham as chairman with Jeff Merkley as ranking member according to its official website. It contributes through resolutions and reconciliation instructions according to its official website, was established under the Congressional Budget and Impoundment Control Act of 1974 according to its official website, and provides nonpartisan budgetary analysis via oversight of the Congressional Budget Office according to its official website.
Looking ahead Markey said he will continue working toward relief for those impacted by rising energy costs while seeking greater accountability from both government agencies and industry leaders.
