It may be 2027 before gasoline prices in Iowa fall back to where they were before the war with Iran, according to a University of Iowa professor who’s written about the oil shocks of the 1970s. U-I Professor Tyler Priest teaches a course on U-S Energy Policy and he says President Trump’s statements on social media are major contributors to the swings in the stock market and in crude oil prices. “We’re in a period of high uncertainty day-to-day. It kind of depends on what Trump says every day and how markets react to it,” Priest says. “There’s a Bloomberg reporter named Javier Blas who calls it Trump’s ‘verbal interventions’ in the oil market.” Gasoline prices in Iowa are the highest they’ve been in nearly four years and Priest predicts they likely won’t fall significantly for many months, even if the war is declared over and the Strait of Hormuz is immediately reopened.
