As gas prices rise, U.S. business confidence is at -45, the worst since 2022, according to a new survey.
Published May 22, 2026
Just 16% of Americans view the U.S. economy as “good” or “excellent” as inflation continues to rise during the war with Iran, according to the latest Gallup poll.
The study, released Friday, deepens U.S. President Donald Trump’s political predicament ahead of November’s midterm elections that will determine whether Republicans retain control of Congress.
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The survey, dubbed the Gallup Economic Confidence Index, showed that confidence in the economy had fallen to -45.
49% of respondents said the economic situation was bad, while 34% said it was fair. At the same time, 76% said they thought the economy was getting worse, and 20% said they thought it was getting better.
The index averages results on economic conditions, currently -33, and economic outlook, currently -56.
This was the worst economic result recorded by the index since 2022, when the cost of living rose after the coronavirus pandemic and Russia’s invasion of Ukraine.
U.S. gasoline prices have soared since the conflict with Iran began in late February. The average price of a gallon (3.8 liters) of gasoline rose to $4.55 from less than $3 before the U.S. and Israel went to war.
According to official government reports, consumer prices rose across the board in March and April due to the energy crisis.
Iran has blocked the strategic Strait of Hormuz and sent oil and gas prices soaring in response to a U.S. and Israeli attack that killed several government officials, including Supreme Leader Ali Khamenei, and hundreds of civilians.
The US has also placed a naval siege on Iranian ports, deepening tensions over energy supplies around the world.
Despite a ceasefire that began in April, the blockade continues with no permanent end to the war in sight, and Iran now claims sovereignty over Hormuz, which served as an international free corridor before the war.
Parts of the strait pass through the territorial waters of Iran and Oman.
The United States is one of the world’s largest oil producers, but energy prices are set globally, so the disruption is driving up costs for American consumers.
As a candidate, President Trump promised to be a “peace” president and said he would pursue an “America First” policy that prioritizes domestic issues over foreign interference.
However, the US president joined Israel in attacking Iran without direct provocation. The regime says the military operation is necessary to prevent Tehran from acquiring nuclear weapons.
Iran denies developing nuclear weapons. Trump’s own intelligence director, Tulsi Gabbard, also said that Iran is not building a nuclear bomb.
President Trump has repeatedly insisted that the sacrifices of war are worth it, stressing that gas prices will plummet once the conflict ends.
Last month, the U.S. State Department issued a legal justification for the war, saying the United States entered the conflict “at the request of and as part of our ally Israel’s right to collective self-defense, and as an exercise of our inherent right of self-defense.”
Friday’s Gallup poll is the latest in a series of negative polls against the Trump administration.
A New York Times/Siena poll released earlier this week suggested that only 31% of voters approve of President Trump’s response to the war with Iran.
Earlier this month, the US president suggested that the economic impact of the war and its impact on the American people would not influence its approach to Iran.
“I’m not thinking about the economic situation of Americans. I’m not thinking about anyone else,” he said. “I think about one thing: We can’t let Iran have nuclear weapons, that’s it. That’s the only thing that drives me.”
