By Jamal Kanj | MEMO | October 1, 2026

Since the start of the latest made-for-Israel war, Donald Trump and his surrogates have repeatedly promised Americans that it would be a few weeks and oil prices would soon crash below prewar levels. Instead, it was every promise that crashed. When those promises failed to materialize, the message shifted: the war is worth the price to stop Iran from becoming a nuclear power.

But what if Iran did become a nuclear power? How would that pose a greater threat to the U.S. than North Korea or Russia already do? Or is the real concern not a risk to America, but a challenge to the regional hegemony of a foreign nuclear power, Israel?

For more than thirty years, according to Israel’s fiction, Iran was on the verge of becoming a nuclear-armed state. That fictitious deadline has come and gone repeatedly, yet Benjamin Netanyahu has been recycling  the same lie since 1992. The Israeli lies and deceit persisted even though, unlike Israel, Iran’s nuclear program was subject to strict international monitoring.

Still, Trump, at Netanyahu’s urging, walked away from an agreement that imposed some of the most stringent and verifiable restrictions ever placed on a country’s nuclear program. Now Americans are being asked to pay in blood and billions of dollars for abandoning a diplomatic agreement that had kept Iran’s nuclear program under unprecedented international scrutiny and helped contain the very threat now being used to justify the war.

The hypocrisy is impossible to overlook. Iran has been subjected to relentless demands for transparency and inspections, while Israel’s own nuclear arsenal, built in part with materials stolen from the U.S., remains shielded from any international inspection.

Yet somehow Iran’s ambitious know-how is the existential nuclear threat, not Israel’s nuclear bombs.

American consumers have long been the victims of a disinformation campaign, and now they are being forced to pay the price for a war sold to them on false pretenses. The most recent misinformation claiming the Strait of Hormuz is open and oil is flowing. The president said it on Fox, and the outgoing White House press secretary told Fox & Friends that the U.S. is essentially controlling the strait and that it remains open. These claims leave only two possibilities: either the statements are outright lies, or oil companies are gouging the consumer.

The UK Maritime Trade Operations Centre reported that commercial traffic through the strait remains about 75 percent below pre-conflict levels. It also tallied dozens of projectile strikes on vessels in just the past two months.

Three quarters less traffic is not a sign of an open strait. Shipowners and insurers know this, so do traders and so the climbing numbers at the gas pump.

The market has already made its judgment, and every American who fills a tank can see it. It is past time for Washington to stop lying.

For the average consumer, the pump is where it felt. Regular gasoline was below $3 a gallon before the U.S. was dragged into another one of made-for-Israeli wars. Families are paying more to get to work, truckers are paying more to move goods, and those costs show up in the price of groceries.

Meanwhile, American oil companies are pumping at record levels. Exxon and Chevron are producing record volumes from oil fields on American soil, thousands of miles from the Strait of Hormuz. Their production costs have not changed. What has changed is Israel’s war surcharge consumers are being forced to pay.

Chevron reported the largest quarterly net profit in its history, $12.1 billion. Exxon made $14.5 billion in the same quarter, about $160 million a day. Refining has become more lucrative. Gross refining margins more than doubled, soaring from a typical $20 crack spread to as much as $60.

Meanwhile, Trump dangles a pie-in-the-sky deal with Venezuela as a distraction from consumers’ mounting anxiety, while his administration stands by as oil companies exploit overseas crises for record profits. These companies have no reason to lower prices when war has handed them a windfall. This is what a war of choice looks like on the ground: American consumers are forced to pay the price, while oil executives in Texas turn a crisis into a lucrative business opportunity.

American consumers deserve more than false promises. If the Strait is open, then oil prices should be coming down. If it is not, then stop treating consumers as an audience whose emotions must be managed rather than citizens entitled to hear the truth. Since the war started, every week, like millions of Americans, I fill my gas tank, and the Israeli war tax is higher than it was the week before.

No, Mr. President, that is not “worth the price” to pay for a war fabricated in Israel, a repeat of the made-for-Israel war in Iraq 23 years ago.

This is not a war to end Iran’s fictitious nuclear power. It is a war paid for by taxpayers’ money and American blood to ensure that Israel remains the only absolute nuclear power in the Middle East.

European Union countries have paid more than €100 billion extra for energy this year without receiving additional oil or gas, according to EU Energy Commissioner Dan Jørgensen, as disruption linked to the Iran war drives another energy shock through the European economy.

Speaking ahead of an informal meeting of EU energy ministers in Dublin, Jørgensen said Europe had “surpassed €100 billion” in additional spending.

“We have now surpassed €100 billion that we’ve paid extra for our energy this year without receiving one extra molecule of gas or oil,” he said in the European Commission’s recording of his remarks.

The figure puts a direct cost on the price shock which has followed disruption to oil and liquefied natural gas supplies associated with the conflict involving Iran.

The effective closure of the Strait of Hormuz has disrupted one of the world’s most important energy corridors. Under normal conditions, the waterway handles roughly one fifth of globally traded oil and significant LNG volumes.

Europe remains heavily exposed because most of the oil it consumes and about 80 per cent of its gas requirements come from outside the EU.

The consequences were already visible in trade figures published before the latest ministerial meeting.

Last week, EU Today reported that the EU’s oil import bill had risen 55.8 per cent in the second quarter compared with a year earlier, even though the physical volume of crude imported increased by only 1.2 per cent.

Europe was therefore paying substantially more without materially increasing the amount of energy it purchased.

The pressure has intensified as winter approaches.

EU gas storage is around 70 per cent full, roughly 12 percentage points below the level recorded at the same stage last year. Jørgensen has warned governments to continue filling storage or consider reducing demand if required.

Possible measures include limiting temperatures in public buildings, restricting outdoor heating and switching off unnecessary public lighting, according to recommendations circulated to governments ahead of the Dublin meeting.

The informal meeting of EU energy ministers focused on energy affordability, security of supply and Europe’s continuing exposure to international fossil-fuel markets.

Irish Energy Minister Darragh O’Brien described the situation as the second major fossil-fuel shock Europe had faced in four years and argued that domestic clean-energy production was essential if the EU wanted to reduce its vulnerability to future crises.

Europe is in a stronger physical position than during the 2022 energy crisis.

It has expanded LNG import infrastructure, increased renewable electricity generation and reduced gas demand. It has also sharply reduced its dependence on Russian pipeline gas.

But that restructuring has created different dependencies.

European buyers now compete more directly for LNG on global markets, meaning events in the Gulf, Asia or the United States can rapidly affect the price paid by European consumers.

EU Today reported earlier this month that reduced LNG availability and disruption around Hormuz had left European gas storage at historically weak seasonal levels.

Diesel presents another problem.

Europe became more dependent on imported refined products after reducing purchases from Russia, with the United States now supplying approximately half of EU diesel imports.

Washington has considered restrictions on diesel exports as domestic US prices rise. European officials have urged the Trump administration not to introduce such measures, warning that they would increase pressure on international markets.

Emergency reserves provide some protection.

EU countries are required to maintain strategic oil stocks, while the International Energy Agency coordinated a release of 400 million barrels from member-country reserves earlier this year.

France and Germany hold a particularly large share of Europe’s strategic diesel inventories. Further releases remain possible if international markets deteriorate, although no new coordinated decision has yet been taken.

The current crisis is also feeding into the EU’s longer-term energy debate.

Spain, Portugal and Luxembourg are now pressing for an EU renewable-energy target for 2040, arguing that increasing domestic electricity generation would reduce dependence on imported fossil fuels.

The security argument extends beyond climate policy. An EU Today Research Desk paper published in June examined how concentrated fossil-fuel supply routes and maritime chokepoints can transmit geopolitical shocks into European prices, infrastructure and industry.

The current disruption provides a practical example.

Europe has not bought substantially more fuel, but it is paying tens of billions of euros more because the international price of the energy it imports has risen.

The immediate concern is whether supplies and gas inventories will be sufficient through the coming winter without another sharp increase in prices.

The longer-term question is how much of Europe’s energy demand can be moved away from imported fossil fuels before another geopolitical crisis produces the same result.

For EU governments, Jørgensen’s €100 billion figure provides a measure of the cost of that dependency.

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