Senator Ted Cruz said that he does not think the recent jump in gas prices, which is tied to the conflict with Iran, will have a big effect on the November midterms. He shared these views during an appearance on CNBC’s Squawk Box.
Cruz claims that he has not seen any data to support the idea that these economic changes will meaningfully shift the political picture. According to Cruz, decisions about national security should not be shaped by short-term political worries. He added that he has seen no data suggesting this is having a big impact on the midterms.
The current rise in costs follows joint strikes by the United States and Israel against Iran in late February, per The Hill. In response, Tehran restricted access to the Strait of Hormuz, a key waterway for global energy, nearly a fifth of the world’s oil supply moves through it, reports The Hill.
The Iran conflict pushed gas prices higher
There was reportedly some early optimism that a deal to reopen the channel and end the fighting might bring relief. Those hopes faded this week when the Islamic Republic reportedly stopped talks because of Israeli strikes in Lebanon. The talks have drawn pushback from some critics, including a MAGA influencer who pressed Cruz on the deal.
Cruz gave his own breakdown of the market changes during the interview. He stated, “What I’ll tell you – let’s take gas prices. So, under [former President] Biden, gas prices nationally were between five and six bucks a gallon [President] Trump came in and we cut them basically in half, to about three bucks a gallon.”
He added, “Now, with the conflict in the Middle East, gas prices have gone up to about 4.50 a gallon, so we’ve given away about half of the decrease we had.”
According to AAA, by mid-Tuesday, regular gas prices passed $4.55 per gallon in ten states and Washington D.C. The national average reportedly sat at $4.29 on Tuesday, a slight drop from $4.32 on Monday and $4.49 last week. That figure is apparently still far above the $3.14 average seen last year.
Recent polling cited by The Hill found many Americans are worried about the economy and disapprove of the ongoing war with Iran. Cruz has also weighed in on other economic decisions recently, including when he opposed a plan to bail out an airline.
