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Thursday, March 12, 2026

Oil Market Chaos | Trump: Expensive Gas Is "A Small Price To Pay" | D.C. Hot Rods


In this monologue, Stephen Colbert covers the recent geopolitical tensions between the United States and Iran, focusing on the chaos in the oil markets caused by threats to the Strait of Hormuz (0:11-0:57). Colbert highlights Iran's placement of naval mines and missiles, endangering global oil supplies (0:43-1:52).

Key Takeaways:

  • Rising Gas Prices: The conflict has caused a significant spike in gasoline prices, with the average rising from $2.98 to $3.58 a gallon, impacting American consumers (3:51-4:15).
  • Trump's Response: President Trump dismissed the economic impact as a "small price to pay" for safety, despite the chaos causing surprise within his own administration (4:35-5:29).
  • Misinformation and Confusion: Colbert points out a false claim from the Secretary of Energy about naval escorts and general confusion within the administration regarding the situation (2:45-3:257:12-7:43).
  • Other Commodity Impacts: The tension is driving up prices for other resources, including aluminum and fertilizer ingredients (7:53-8:33).
  • IndyCar Race: In a lighter segment, Colbert mocks a planned IndyCar race called "Freedom 250" scheduled for downtown Washington D.C. (10:43-11:22).

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