‘The good old days are gone’: how will US prices stand as war in Iran surges on?

Beyond rising costs of gas and air travel, experts say this is likely just beginning of higher prices amid global volatility Sign up for the Breaking News US email to get newsletter alerts in your inbox As consumers watch the price of gasoline and airline tickets rise, experts say that the war in Iran will continue to drive up prices across the economy. “The good old days are gone,” said Christopher Tang, a professor at the UCLA Anderson School of Management who studies global supply chain management. “Right now we see the gasoline prices going up, but that is only part of the story. Everything will be more expensive.” The price of oil has risen steadily since the war began at the end of February, with crude oil prices surging past $110 per barrel this week. Fuel prices have risen in part because Iran controls access to the strait of Hormuz, a narrow passageway between the Persian Gulf and the Gulf of Oman where about 20% of the world’s oil travels through. In his address on Wednesday, Donald Trump said that “America has plenty of gas,” and assured the country that the United States was not dependent on oil shipments through the strait. “We’re now totally independ