A Gallup poll released May 22 shows U.S. economic confidence has dropped to -45, the worst level since 2022. The result is based on Gallup's Economic Confidence Index, reflecting growing pessimism amid an extended conflict with Iran.
According to the survey, 49% of respondents describe current economic conditions as “poor,” and 34% as “only fair.” Notably, 76% of participants expect the economy to worsen further, while only 20% believe conditions will improve. The index measuring current conditions stands at -33, and the economic outlook plunges to -56.
Gas prices in the U.S. have skyrocketed since the conflict with Iran began in late February. The average price for a gallon (3.8 liters) of gas now stands at $4.55, compared with under $3 before the war. Official reports show overall consumer prices rose in March and April due to the energy crisis.
The conflict escalated after the U.S. and Israel launched strikes against Iran, killing several top officials — including Iran's Supreme Leader Ali Khamenei — along with hundreds of civilians. In retaliation, Iran closed the strategic Strait of Hormuz, sending oil and gas prices soaring. The U.S. also imposed a naval blockade on Iranian ports, further pressuring global energy supplies.
Although a ceasefire took effect in April, blockades continue as a permanent peace deal remains elusive. Iran now claims sovereignty over the Strait of Hormuz, which was an open international waterway before the war. Despite the U.S. being one of the world's largest oil producers, global energy prices have hit American consumers hard.
The latest poll is one in a string of unfavorable results for President Donald Trump's administration. A New York Times/Siena poll earlier this week found only 31% of voters approve of Trump's handling of the war with Iran. Earlier this month, Trump stated that the economic toll from the war does not affect his approach to Iran, emphasizing that preventing Iran from obtaining nuclear weapons remains his top priority. However, U.S. Director of National Intelligence Tulsi Gabbard has previously affirmed that Tehran is not building nuclear bombs.
