As Memorial Day approaches in the United States, local drivers are facing the highest gasoline prices for this time of year in four years.

Affected by the situation in Iran and the global oil supply shock caused by the blockade of the Strait of Hormuz, American consumers' spending on gasoline and diesel has surged by billions of dollars compared to the same period last year. Low-income families have become the biggest victims, while the wealthy have benefited from the appreciation of their financial assets. An energy crisis is exacerbating the wealth gap in American society and is also affecting the election prospects in the US midterm elections.

Energy spending surges by $45 billion, leaving low-income families struggling to breathe under the weight of the "energy tax."

Two and a half months after the outbreak of the Iranian crisis, the Middle East's oil and fuel supply has been completely paralyzed, and the resulting energy shockwaves have spread to the American people's livelihood.

Based on pricing data from OPIS (Oil Price Information Service) and U.S. fuel demand data, The Wall Street Journal estimates that Americans have already spent an additional $45 billion on gasoline and diesel . Similarly, a report released Sunday by Brown University's Watson School of International and Public Affairs reached a similar conclusion, estimating that U.S. consumers have paid over $40 billion in extra energy costs since the escalation of the situation, averaging over $300 per household.

This additional expenditure is substantial, even exceeding the $31.5 billion cost of a full upgrade to the U.S. air traffic control system. The report's authors explicitly state that conflict-induced energy price increases have significantly driven up Americans' daily expenses; this energy price shock is akin to a nationwide, unofficially recognized "household tax," creating an economic burden comparable to the investment in major U.S. federal projects and policies.

Patrick De Haan, head of oil analysis at GasBuddy, further refined the spending data, stating that Americans spent approximately $28 billion more on gasoline in just over two months, from March 1 to May 12. On May 14, he bluntly stated that given the current surge in gasoline spending due to the situation in Iran, even if the US government suspended the federal gasoline tax of 18.4 cents per gallon, the savings would be offset by the continuously rising oil prices in just 2 hours and 49 minutes, rendering the policy's relief effect negligible.

Oil prices approach $5 mark, posing a dilemma for the Trump administration.

The average price of gasoline in the United States has now exceeded $4.50 per gallon, the highest level for Memorial Day since 2022, and the upward trend continues.

Patrick DeHaan warned that if the Strait of Hormuz remains closed for several weeks, the average price of gasoline in the United States could exceed $5 per gallon within weeks, potentially reaching this critical threshold as early as June , further increasing the energy burden on the public.

Faced with soaring oil prices and persistently low consumer confidence (currently at its lowest level since the early 1950s), then-President Donald Trump stated on May 15 that the government was considering temporarily waiving the federal gasoline tax to alleviate the energy pressure on the public.

However, Trump's statements did not reflect genuine concern for people's livelihoods. On May 16, on the eve of his departure for Beijing, when asked by a reporter whether the increasing financial pressure on American families would affect his negotiating strategy with Iran, he responded clearly: "When it comes to Iran, the only important thing is that they cannot have nuclear weapons. I will not consider the financial situation of Americans, nor will I consider anyone else."

In fact, what the Trump administration was really concerned about was the impact of rising energy prices on the November midterm elections, and worried that rising public discontent would drag down the Republican Party's election prospects.

The polarization under crisis: the rich revel, the poor suffer.

This energy crisis has acted as a watershed moment, exacerbating the wealth gap in the United States. On one hand, wealthy Americans are profiting from the crisis; as the S&P 500 hits record highs, the value of their financial assets continues to rise, further concentrating wealth. On the other hand, the vast majority of non-affluent consumers are struggling to cope with soaring energy costs. Rising costs for basic transportation such as commuting and freight will gradually be passed on to the prices of various consumer goods, further eroding the purchasing power of ordinary families.

For the Trump administration, this situation carries enormous political risks. It's important to understand that the wealthy 1% of the population have far fewer votes than low-income consumers. If energy prices remain high and the burden on people's livelihoods cannot be alleviated, public discontent may erupt in the midterm elections, directly impacting the Republican Party's performance.

Overall , the situation in Iran and the global oil supply disruption caused by the Strait of Hormuz blockade have profoundly impacted the US economy, people's livelihoods, and political landscape. The additional $45 billion in expenses resulting from soaring oil prices has not only overwhelmed low-income families and exacerbated social inequality, but has also placed the Trump administration in a dilemma between livelihood and politics. If the Strait blockade cannot be lifted soon, the US energy crisis will continue to escalate, and its subsequent economic, social, and political impacts should not be underestimated.