Gas prices are heading higher — and Iran is the smaller problem
Strategic oil reserves are being drawn down globally while the Iran war sustains an energy shock — the Washington Post reports oil executives delivered grim private warnings to the White House this week, a trajectory signal that inflation at 4.2% may be a floor, not a ceiling.
EIA June 2026: U.S. output climbs to 14.2M bpd next year, 900K above pre-war forecast — the price spike is already fixing itself.
CPI hit 4.25% with 'supercore' services and electricity — not just Iran — driving it, as SPR buffers drain faster than refill (Wolf Street, June 10).
Rystad Energy: Asia-Pacific coal surging on Qatar LNG disruption; CNBC June 11 says investors see no early end — a multi-fuel price grind, not just oil.
Hidden truth: Global oil demand is DOWN 1.1M bpd yet prices still spike — AI electricity and supercore services, not Iran, are driving the 4.25% CPI print.Read the full breakdown →
Are gas prices primarily driven by the Iran war rather than structural domestic inflation?
