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Spiking gas prices tied to Iran war are set to eat up tax refunds touted by Trump (apnews.com)

submitted 1 day ago by FlashMobOfOne@lemmy.world to c/usa@lemmy.ml

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WASHINGTON (AP) — The U.S. economy was supposed to start the year with a bang, fueled by an unusually large jump in tax refunds from President Donald Trump’s tax cut legislation. Yet spiking gas prices are on track to eat up those refunds, leaving most Americans with little extra to spend.

“Next spring is projected to be the largest tax refund season of all time,” Trump said in a prime-time speech in December that was intended to address voters’ concerns about the economy and stubbornly high prices.

But that was before the Iran war, which began Feb. 28. Oil and gas prices have soared since then, with the nationwide average price of gas reaching $3.94 Sunday, up more than a dollar from just a month earlier.

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[–] FlashMobOfOne@lemmy.world 3 points 1 day ago (1 children)

The bigger problem is that, with oil needed to produce and transport EVERYTHING, we're all going to be hit hard by this. I'm glad I spent the last year filling up my pantry, because food is going to become even more cost-prohibitive if Donald doesn't declare victory and stop this shit.

(Unlikely, since they're begging for $200 billion to keep his stupid war going.)

Diesel is almost $8 a gallon in Southern California today, btw.

[–] cosmicrookie@lemmy.world 2 points 1 day ago

It's at almost $11 here in northern Europe (€2,7 pr liter).