Fill it Up and Scale it Back: Consumer Spending in the Post-Hormuz Economy
August 20, 2026: On February 28th, when Iran closed the Strait of Hormuz, the average cost of gas was $2.98 a gallon. Six months later, in August, that rate increased nearly 34.5% to an average of $4.01 a gallon nationwide. Without President Trump having reached a deal that guarantees price decreases anytime soon, consumers are searching for any and all ways to alleviate the impact of rising costs.







