{"id":6961,"date":"2026-03-19T02:12:47","date_gmt":"2026-03-19T02:12:47","guid":{"rendered":"https:\/\/popularnews75.com\/?p=6961"},"modified":"2026-03-19T02:12:47","modified_gmt":"2026-03-19T02:12:47","slug":"americans-are-spending-300-million-more-on-gasoline-than-a-month-ago","status":"publish","type":"post","link":"https:\/\/popularnews75.com\/?p=6961","title":{"rendered":"Americans are spending $300 million more on gasoline than a month ago"},"content":{"rendered":"

The rapid rise in gasoline prices is starting to hit consumer pockets.<\/p>\n

On Monday, the national average at the pump rose above $3.71 per gallon, an increase of $0.25 from a week ago and $0.80 from more than one month ago,\u00a0according to AAA data.<\/p>\n

\n
<\/div>\n<\/div>\n

The impact of rising fuel costs on drivers\u2019 wallets is adding up.<\/p>\n

 <\/p>\n

\u201cAmericans today will spend $300 million more on gasoline than they did 30 days ago,\u201d Patrick De Haan, head of petroleum analysis at GasBuddy, wrote on Sunday.<\/p>\n

Americans consume roughly\u00a0375 million gallons of gasoline a day, according to the Energy Information Administration. A mere one-penny increase adds a total of $3.75 million to drivers\u2019 daily costs.<\/p>\n

Read more:\u00a0<\/em>What an extended war with Iran could mean for gas prices<\/em><\/p>\n

GasBuddy data shows current gasoline prices are higher than they were 78% of days between January 2021 and January 2025, not adjusted for inflation.<\/p>\n

\u201cLower and middle income households will see a disproportionate shock to their budgets as gas prices continue to rise,\u201d RBC Capital Markets analysts said in a note last week.<\/p>\n

Higher fuel costs threaten to wipe out any tax savings from the Trump administration\u2019s One Big Beautiful Bill Act (OBBBA).<\/p>\n

\u201cWe have previously acknowledged that OBBBA will add to consumer spending capacity to varying degrees,\u201d the\u00a0RBC analysts wrote. \u201cThese higher energy prices could offset the positive impact of OBBBA, nearly entirely.\u201d<\/p>\n

Gasoline and\u00a0diesel prices\u00a0have soared as the US\u2013Israel war with Iran enters its third week and traffic in the Strait of Hormuz, a critical pathway for global oil flows, remains near a standstill.<\/p>\n

Until there is a meaningful resumption of oil flows, upward pressure on fuel prices is likely to persist.<\/p>\n

<\/div>\n

\u201cAt the same time, seasonal forces are beginning to intensify as several regions complete the transition to summer gasoline, creating a double headwind that could continue driving pump prices higher in the weeks ahead,\u201d GasBuddy\u2019s De Haan said.<\/p>\n

Oil prices are more than 33% higher than when the war began on Feb. 28.<\/p>\n

On Friday night, the US struck military targets on Kharg Island, a small territory roughly one-third the size of Manhattan that serves as Iran\u2019s main crude export terminal. President Trump warned that Iran\u2019s energy assets would be targeted if Tehran continues to block shipments.<\/p>\n

Strategists say prices could rise further the longer the war lasts.<\/p>\n

RBC Capital Markets estimates that oil could exceed the $128 per barrel high reached after the Russian invasion of Ukraine if the conflict lasts three to four more weeks. If the war extends for several months, prices could surpass the 2008 peak of $146 per barrel,\u00a0said the analysts.<\/p>\n

 <\/p>\n

\"\"<\/p>\n

Prices are displayed electronically at a QuikTrip convenience store, Wednesday, March 4, 2026, in Greenwood Village, Colo. (AP Photo\/David Zalubowski)\u00a0\u00b7<\/span>\u00a0ASSOCIATED PRESS<\/em><\/p>\n

 <\/p>\n

Source: https:\/\/finance.yahoo.com\/<\/p>\n","protected":false},"excerpt":{"rendered":"

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