The July 2026 Alaska Economic Trends, published by the state's Department of Labor and Workforce Development, highlights the cost of living in Alaska due to the ongoing war with Iran. The document also highlights the impact of President Trump's tariffs on Alaska's economy and the nearly complete closure of the Strait of Hormuz, which carries one-fifth of the world's oil and liquefied natural gas annually. The war also caused a significant increase in gas prices and increased the cost to all aspects of the state. However, President Trump is more focused on his focus on Greenland and his focus is on other issues than affordability.