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Kevin O'Leary's Blunt Take on What's Really Keeping Inflation High

Kevin O'Leary warns energy costs are squeezing American wallets

By Jordan Major , Edited by Laura Hohenstein

Updated Nov. 9, 2026

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Inflation is still putting pressure on household budgets, and Kevin O'Leary says one expense needs to come down before Americans see meaningful relief.

The Shark Tank investor says high energy prices remain a major problem, regardless of what happens with President Donald Trump's tariffs. And while gas prices have eased slightly in October, drivers are still paying a steep price as they try to cope with increasing bills.

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Kevin O'Leary says 'we need gas prices down'

In late September, O'Leary argued that investors had largely adjusted to the way Trump negotiates tariffs. They know the pattern, he suggested: higher tariffs first, followed by negotiations and potentially lower rates.

However, he said the administration's trade strategy hasn't solved another problem affecting consumers. "What it didn't resolve, which is causing some angst and inflation numbers to stay higher in the domestic market, is that we need gas prices down," O'Leary said.

His concern centers partly on instability in the Middle East, particularly the Strait of Hormuz, a major shipping route for oil. When energy shipments face disruption, oil prices can rise, and American drivers can end up paying more even if they live thousands of miles away.

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September inflation numbers back up O'Leary's concern

The figures released in October show just how much gasoline contributed to rising prices. According to the Bureau of Labor Statistics, consumer prices increased 0.6% in September and 3.7% over the previous year.

Gasoline prices alone jumped 9.1% during the month and were 34.2% higher than a year earlier. In fact, gasoline accounted for more than half of September's overall monthly inflation increase. Gas is an unavoidable expense for many households, particularly those with long commutes. Higher prices can eat into money you planned to save or use to pay down debt.

And the pressure doesn't necessarily stop at the pump. Businesses also pay to transport goods and make deliveries. When fuel costs rise, some of those expenses can eventually reach consumers through higher prices.

Drivers are paying considerably more at the pump

Fortunately, drivers have seen some relief in October. AAA reported that the national average price for regular gasoline fell to $4.27 per gallon on October 22, down 6 cents from the previous week.

However, that doesn't mean the problem has disappeared. AAA said October was on track to become the most expensive October ever for gasoline, following record-setting August and September prices.

The recent decline is partly due to the switch to cheaper winter-blend gasoline. Yet crude oil was still nearing $100 per barrel amid instability around the Strait of Hormuz, limiting how far pump prices could fall.

To put the cost into perspective, AAA figures show that gas averaged $4.33 per gallon in September, setting a record for that month. That was 50 cents above the previous September record set in 2023.

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O'Leary says other countries should share the burden

But O'Leary doesn't believe the responsibility for keeping energy prices under control should fall entirely on the U.S. He argued that countries depending on secure shipping routes should help shoulder the cost of protecting them.

"I would argue that at the end of the day, they should bear some of the burden of whatever it's gonna take to police this strait in the long run," he said.

He pointed to countries including the UAE, Saudi Arabia, and Oman, arguing that "everybody has got to pay the price" to keep shipping moving through the region. "That's what investors like me care about," the Shark Tank star added.

What cheaper gas could mean for your wallet

While resolving global energy problems may take time, even a modest price drop could make a meaningful difference to your household budget.

Say your household buys 50 gallons of gasoline each month. A 50-cent drop would save you $25 monthly, or $300 over a year if prices stayed lower. A $1 decline would free up $50 per month, or $600 annually. That might cover part of a grocery bill, help knock down a credit card balance, or give you a little more breathing room before your next paycheck.

Still, O'Leary's point shouldn't be mistaken for a promise that lower gas prices would solve inflation entirely. Prices excluding food and energy were up 2.6% year over year in September, and housing and services continue to affect household expenses.

Bottom line

Kevin O'Leary believes high energy prices remain a major obstacle to bringing inflation down. And while gasoline prices have eased slightly in October, Americans are still paying considerably more at the pump than they were a year ago.

You can't control global oil prices, but you can look for ways to reduce your transportation expenses. Comparing gas prices and finding ways to save money on car insurance could help ease some of the pressure on your budget while you wait for further relief at the pump.

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