This is the Strait of Hormuz, next to Iran, where 20% of the world’s oil supply passes through. Thanks to the war, shipping through that strait is throttled, choked off.
When the supply in oil drops, it means that the price of oil goes up — it’s now up to $85 a barrel from $60 just two weeks ago. So now the cost of manufacturing gasoline is higher because the main ingredient in gasoline, oil, is more expensive. And just like with tariffs, the cost gets passed on to you, the consumer, in the form of higher prices.
As of today, March 10th, the cost of a gallon of gas is $3.54 on average, and barely two months ago it was at $2.80 per gallon. That’s an increase of more than 26%!
Higher oil prices also mean more expensive heating oil, natural gas, diesel, and jet fuel. That means shipping packages, buying plane tickets, and heating your home are all going to be more expensive. Even fertilizer is affected: 33% of the world’s supply moves through the Strait of Hormuz, right as planting season begins. Literally, the cost of shit is getting more expensive.
So we’ll have to wait and see what happens, but for the foreseeable future, this war is taking money out of your pocket in the form of higher prices. And also your tax dollars are paying for bombs.
Ben Sheehan is a political commentator and digital creator. He specializes in civics education, which is showcased in his latest book, What Does the Constitution Actually Say?: A Non-Boring Guide to How Our Democracy Is Supposed to Work. Check out his Substack, Politics Made Easy.
