Investor Ross Gerber on Thursday said that heightened oil prices amid the ongoing war with Iran have negatively impacted consumers with more costs as he casts doubt on President Donald Trump‘s willingness to escalate the situation.
Higher Oil Price a Tax on Non-EV Owners
In a post on X, the Gerber Kawasaki co-founder said that while he believed the economy was “in a mode of decent jobs and pay,” rising inflation meant wage gains did little to increase wealth.
“More spending goes to staples and less to discretionary” expenses like eating out or travel, among other things, the investor said. He added that rising Oil prices were “a tax on non EV consumers” that they could not avoid, as higher oil prices translate to more money spent at the pump.
With the economy in a mode of decent jobs and pay but higher costs. Wage gains don't add to wealth. More spending goes to staples and less to discretionary. Oil is a tax on non EV consumers. With prices back up. Not good for the fall…
— Ross Gerber (@GerberKawasaki) July 30, 2026
Trump Too Scared to Escalate Iran War
In a separate post, the investor said that while spending was up in the summer and oil prices dropped at the “right time,” the Iranians knew that midterm elections were on the horizon and the Trump administration “looks to lose lots of power,” which meant that Tehran has “no incentive” to de-escalate and end the war.
“They also know Trump is too scared to really escalate,” Gerber said. “No war has been won with airstrikes alone,” the investor added.
Certainly spending has kept up this summer. As oil prices dropped at the right time but the Iranians know the election is coming and this administration looks to lose lots of power. So they have no incentive to end this war. They also know Trump is too scared to really escalate.…
— Ross Gerber (@GerberKawasaki) July 30, 2026
Trump Touts 1000-Year Gas Supply
Trump, during a visit to General Motors Co.’s (NYSE:GM) facility in Milford, Michigan, said that the U.S. was sitting on a “1000-year” supply of Gasoline, which China did not have, according to the President.
He also touted the U.S. incorporating Venezuelan oil into its supply chain. Sen. Adam Schiff (D-CA) had earlier questioned where the Trump administration’s reported revenue of $13 billion from Venezuelan oil went.
Notably, gas prices reported an uptick on Thursday as the data from the American Automobile Association (AAA) showed the national average was at $4.0980/gallon at the pump. California had the highest average price at $5.6480/gallon, but prices remained below $4 on average in states like Florida, Indiana, Georgia, Mississippi and more.
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