Americans Pay $59 Billion More for Fuel as Iran War Erases $380 Tax Refund Boost

3 articles · Updated · The Independent · Jun 1

$59 billion in extra fuel spending since Feb. 28 has cost U.S. households about $450 each, according to Moody's chief economist Mark Zandi, overtaking this year's roughly $380 increase in average federal tax refunds by mid-May.
Gasoline drove most of the hit, with diesel and jet fuel adding to the burden through higher airline fares; AAA said regular gas averaged $4.39 a gallon Friday, down from $4.55 a week earlier but up from $3.17 a year ago.
Mark Zandi and Goldman Sachs warned that unless the war ends soon, higher inflation and fuel costs will push already strained consumers to cut spending, threatening an economy they described as already soft.
The White House said prices should fall once the Iranian threat is neutralized and Strait of Hormuz traffic normalizes, but Trump's Jones Act waiver has had little effect and Costco reported record gas sales as drivers hunted for cheaper fuel.

Sources

Left100%

Beyond the gas pump, how will soaring diesel and jet fuel costs reshape the price of everything from groceries to air travel?

As fuel costs erase tax refunds, how long can household savings shield the economy from a major consumer spending slowdown?

Is the current energy crisis a temporary geopolitical shock or a symptom of deeper flaws in U.S. energy policy?