Here & Now Anytime The energy crisis that may be coming for the U.S.
Apr 2, 2026
Dan Diamond, White House reporter for The Washington Post, offers inside reporting on the contested White House ballroom plan. Rana Foroohar, Financial Times columnist, explains why a global energy shock from the Iran conflict could spread to U.S. markets. They discuss rising oil prices, shipping and geopolitical risks, and the legal and political battles around the ballroom project.
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Global Oil Shocks Still Raise U.S. Prices
- Global oil shocks hit the U.S. through higher consumer prices even if the U.S. produces more oil.
- Rana Foroohar notes U.S. is more insulated than Europe/Asia but gas prices still rise and consumer stress is highest in years.
How Demand Destruction Spreads Through The Economy
- Demand destruction happens when high energy prices force consumers and businesses to cut spending.
- Foroohar gives small business examples like quieter restaurants and hairdressers noticing slowdown first.
Political Statements Can Amplify Gas Price Backlash
- Presidential statements minimizing exposure can worsen political optics by spiking visible prices.
- Scott Tong and Foroohar note the president's claim of U.S. immunity became an "own goal" ahead of midterms as gas prices rose.