Investor Ross Gerber on Thursday said that heightened oil prices amid the ongoing war with Iran have negatively impacted consumers with more costs as he casts doubt on President Donald Trump's willingness to escalate the situation.
Higher Oil Price a Tax on Non-EV Owners In a post on X, the Gerber Kawasaki co-founder said that while he believed the economy was "in a mode of decent jobs and pay," rising inflation meant wage gains did little to increase wealth.
Read Also: Adam Schiff Hits Sable Offshore Over Oil Spill Risk, Then Blasts Trump's Washington Airport Makeover as Gas Prices Climb: 'Cost Is No Object…' "More spending goes to staples and less to discretionary" expenses like eating out or travel, among other things, the investor said.
He added that rising Oil prices were "a tax on non EV consumers" that they could not avoid, as higher oil prices translate to more money spent at the pump.
With the economy in a mode of decent jobs and pay but higher costs.
