Ranking Member Markey: Trump’s Pump Bump is Hitting American Families and Small Businesses Hard

Summary

Press release dated May 7, 2026 from Ranking Member Edward J. Markey (D-Mass.) of the Senate small business committee, giving data he says shows what he calls Trump's illegal war on Iran raising gas prices. The release says a family with two cars faces $1,753 more in annual fuel costs if gas stays at $4.54 per gallon, up $1.56 per gallon since February. It also says the five largest oil companies made more than $75 billion in profits during Trump's first year in office. Markey criticizes tariffs and health care cuts, and the release lists his earlier letters and reports on tariff refunds and affordability.

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Title: Ranking Member Markey: Trump’s Pump Bump is Hitting American Families and Small Businesses Hard
Date: 2026-05-07

Ranking Member Markey: Trump’s Pump Bump is Hitting American Families and Small Businesses Hard

May 7, 2026

New data shows Trump’s illegal war on Iran will cost American families $1,753 more at the pump this year

Updated Gas Prices One-Pager (PDF)

(Washington, May 7) – Ranking Member Edward J. Markey (D-Mass.) today released new data emphasizing how Trump’s illegal war on Iran is hurting American small businesses, families, and workers at the pump. The data highlights a worsening affordability crisis since Ranking Member Markey released data last month, with the average American family facing an annual increase of $1,753 this year if gas prices remain at $4.54 per gallon—a shocking increase of $1.56 per gallon, or more than 50%, since Trump launched his war on Iran in February. Skyrocketing gas prices are only exacerbating Trump’s affordability crisis, in addition to rising electricity prices, grocery costs, and health care costs.

“American small businesses and families cannot afford Trump’s crushing bump at the pump—all thanks to the President’s illegal war on Iran,” said Ranking Member Markey. “Trump and his billionaire cabinet members have said that gas prices ‘likely peaked’ and will come ‘crashing down’ when Trump’s war ends all while their big oil and gas buddies continue to see their profits go up and up. Meanwhile, Americans have to figure out how to make ends meet while Trump slashes affordable health care, dismantles clean energy networks, and doubles down on his tariff taxes. Instead of swindling taxpayers to pay for his gilded ballroom and finding new ways to give CEO billionaires tax breaks, Trump should focus on ending his war on Iran and ending the pain on Main Street.”

Key findings from Ranking Member Markey’s analysis include:

As of the week of May 4, everyone who drives a gas-powered vehicle—every American small business owner and every worker who uses a gas-powered vehicle to commute—now faces an average annual increase of more than $876 in fuel costs per vehicle. The average American family with two cars stands to pay $1,753 more for gas each year. This represents a nearly 40% increase in fuel costs since Ranking Member Markey released analysis last month.

As Americans pay more at the pump, fossil fuel industry executives profit. During Trump’s first year in office, the five largest oil companies—ExxonMobil, Chevron, ConocoPhillips, Shell, and BP—made more than $75 billion dollars in profits.

Ranking Member Markey is fighting to deliver real relief for small businesses, workers, and families who are getting slammed by Trump’s devastating and reckless policies.

Yesterday, Ranking Member Markey spotlighted new data showing that President Trump and MAGA Republicans’ reckless policies are skyrocketing the cost of health care for America’s small businesses, workers, and families.

Last month, Ranking Member Markey called on the largest retailers and shippers in the United States again, urging them to pass tariff refunds on to consumers and small businesses that bore the brunt of Trump’s illegal International Emergency Economic Powers Act (IEEPA) tariffs, which were struck down by the U.S. Supreme Court in February.

Earlier in April, Ranking Member Markey wrote to Acting Commissioner of the U.S. Bureau of Labor Statistics (BLS) William Wiatrowski to once again demand transparency from BLS on the economic impact of Trump’s illegal war on Iran. Ranking Member Markey had previously released new data on how Trump’s illegal war on Iran is hurting American small businesses, families, and workers at the pump.

Also in April, Ranking Member Markey highlighted one year of Pain on Main Street caused by Trump’s so-called “Liberation Day” tariff taxes. Ranking Member Markey continues to  call on the Trump administration to deploy an  automatic tariff refund process.

In February, Ranking Member Markey released a report detailing how Trump’s affordability crisis is hurting Main Streets and working families across America.

In September, Ranking Member Markey, alongside Senator Amy Klobuchar (D-Minn.), Senator Mazie Hirono (D-Hawaii), and small business owners from across the country, hosted a press conference to highlight the burden Trump’s tariffs have placed on small businesses and to call on his Senate colleagues to pass his Small Business RELIEF Act, which would provide support to small businesses suffering under Trump’s “Liberation Day” tariffs.

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