The Republicans' Big Beautiful Bill will most definitely raise gas prices and cause long gas lines like never before, and spike costs.
According to published reports.
- It takes roughly 1 barrel (159 litres) of oil to make about 19 pairs of jeans, 8 tires, or 3 smartphones.
- About 20 million barrels of oil are needed to fuel all the cars in the United States for 1 day.
- Iran holds about 9.5% of the world’s proven oil reserves, ranking it among the top oil-producing countries globally.
Some of Iran’s important gas and fuel facilities have been damaged. These help Iran supply gas inside the country but haven’t yet affected the oil Iran sells to other countries. Yet.
Iran has said it is “considering” closing the Strait of Hormuz. This narrow waterway is very important because about 20% of the world’s seaborne oil passes through it. Many countries depend on oil shipments traveling this route. Blocking it would likely send oil prices soaring and could trigger energy shortages worldwide.
In response, OPEC+, a group of major oil producers like Saudi Arabia and Russia, announced a 411,000-barrel-per-day increase in oil production for June 2025 to help keep the market steady.
The US has asked Saudi Arabia to produce more oil to prevent prices from rising too fast. China, a major oil buyer, is watching the situation closely.
If the conflict worsens and hits supply chains directly:
- Oil price spikes raise the cost of running factories, shipping goods, and flying planes
- Everyday items, from groceries to clothing, become more expensive
- Businesses face lower profits and may slow hiring or growth.
Worst-case scenario:
The conflict escalates into a broader regional war, disrupting global oil flows, dragging in the US and its allies into the war, and triggering cyberattacks or maritime blockades. Iran could face internal unrest or even regime change, while Russia stands to profit from higher energy prices and a distracted West.
Ravage regions won by Donald Trump while giving tax breaks to the rich.
https://www.americanprogress.org/article/the-one-big-beautiful-bill-act…