The White House Is Using the Wrong Oil Price for the Iran War

US President Donald Trump has seemingly turned the price of West Texas Intermediate crude oil into a referendum on his war against Iran. Thumbs up if WTI stays below $100 a barrel. Thumbs down if it rises above. Even if he succeeds in keeping that particular gauge below the triple digits, it would be a pyrrhic victory.

What matters for the American economy isn’t the price of WTI, but the cost of refined petroleum products — and they’re rising rapidly. While the price of Texas crude is up 60% since January, the cost of key everyday fuels has risen by between 85% and 120%