Surge in gas prices is a ‘short-term, necessary exercise’ for expansion, SBA administrator says

The surge in gas prices precipitated by the US-Israel war in Iran is a “short-term, necessary exercise” to help the country undertake longer-term economic expansion, SBA Administrator Kelly Loeffler said Wednesday at Semafor World Economy in Washington, DC.

“This is going to be a temporary disruption to the longer-term trend of prices coming down,” said Loeffler, a donor and strong backer of President Donald Trump. “This is a short-term necessary exercise to achieve the objective of long-term stability and lower prices than we’ve probably ever had, with more stability, less volatility, and more certainty — because that’s one thing small businesses don’t like is long-term uncertainty.”

Loeffler, a onetime top executive at Intercontinental Exchange, and her husband, the CEO of the stock exchange operator, are worth an estimated $1 billion according to Forbes. They have given about $11 million to Trump’s 2024 presidential campaign and other causes he favors, including $5 million to the White House ballroom project.

Loeffler pointed to “forward-looking” indicators like the ISM Manufacturing index, which showed three months in a row of expansion.

“Small businesses are the ones that benefit. They make up 98% of all of our manufacturers,” Loeffler said.