Inflation set to 'take off' as US energy dept warns costs won’t retreat even if Trump does

In her financial analysis, MS NOW host and former Washington Post columnist Catherine Rampell often emphasizes that rising energy prices not only affect the cost of driving a vehicle — they also make everything from groceries to farming more expensive. And Large Man Abroad, a progressive YouTuber whose channel is aimed largely at American expatriates, is warning that U.S. President Donald Trump's decision to go to war with Iran is going to make the United States increasingly unaffordable in a variety of ways.

It remains to be seen how much long the war with Iran will last, but according to Financial Times, the war — even if it ends sooner rather than later — will have long-lasting effects on the U.S. economy.

Journalist Laura Rozen, highlighting the article on X, formerly Twitter, on March 11, posted, "The US energy department has warned petrol and diesel prices are unlikely to recede to prewar levels until mid-2027 at the earliest, ratcheting up costs for industries from trucking and farming to airlines and retailers."

Blogger Scary Lawyer Guy was quick to respond to Rozen's tweet, posting, "Translation: Inflation is about to take off again and it will be due entirely to a decision Trump made. Here's hoping (probably naively) that the media will report accordingly."

In the Financial Times article, reporters Myles McCormick, Jamie Smyth, Gregory Meyer, Christian Davies and Martha Muir explain, "Official figures released on Tuesday, (March 10) show US petrol prices rose 19 per cent over the past two weeks to $3.50 a gallon as the Middle East conflict throttled energy supplies, while diesel jumped 28 per cent to $4.86 a gallon. Petrol is not forecast to drop back below its $2.94 per gallon pre-conflict level before the end of 2027, according to the Energy Information Administration, the energy department’s statistics arm."

The reporters add, diesel — the lifeblood of American industry — will not fall below the $3.81 per gallon it sat at two weeks ago until the middle of next year. The shift threatens to push up costs for industry, which, in turn, will ratchet up prices for consumers with far-reaching inflationary impacts."

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