McCormick says gas prices could drop soon
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Sen. Dave McCormick told Axios Thursday gas prices should come down rapidly when the Iran war ends, which he expects will be relatively soon.
Why it matters: Pittsburgh's average gas prices are the highest in the state, currently at over $4.92 a gallon and near all-time highs, according to AAA.
What they're saying: McCormick first praised the economic situation of the country, saying "economically, people are better off than they were a year ago." He added that inflation is down, wages are up, and Americans are benefiting from an average tax refund of $3,500 — an 11% increase compared to last year.
Reality check: Inflation is down from its peak in 2022, but Americans feel worse off now compared to any point in the last 25 years, according to a Gallup poll.
Yes, but: McCormick acknowledged gas is too expensive and the cost has impacted families.
- "I get it. They're feeling it. And if you're a family living on $52,000 a year and you're [paying] $1.20 a gallon more, you really feel it. So I don't want to make light of it. It's a real thing."
The Iran war needs to end if gas prices are going to come down, and McCormick — who supports the military action — says he's hopeful that it will before summer starts.
- Iran and the U.S. are currently in a ceasefire as peace talks progress, but the two nations exchanged fire in the Strait of Hormuz on Thursday. U.S. officials said this didn't constitute a resumption to the war, but Iran officials said the U.S. strikes were a ceasefire violation.
The bottom line: "I think when the conflict ends, which I suspect will be relatively soon, gas prices are gonna come way down, so I don't think this is a long-term adjustment."
- "I'm making the case that it's important that Iran doesn't have a nuclear weapon, and I think this is a sacrifice we're making. But we got to bring [the war] to an end, sooner rather than later, and get gas prices back to where it's not putting a burden on working families."