Overview
- AAA’s national average, reported Friday, is $4.53 a gallon, and every state now averages at least $4.
- The Strait of Hormuz closure tied to the U.S.-Iran war has cut oil flows, and the IEA says global fuel inventories are being drawn down at a record pace.
- The White House is considering a temporary suspension of the federal gas tax worth 18 cents per gallon, a move expected to deliver only modest savings at the pump.
- Household budgets are tightening as the typical U.S. vehicle now costs about $75 more per month to fuel, and prices range widely by state from roughly $6.14 in California to about $4.00 in Mississippi.
- Political fallout intensified after Rep. Jim Jordan said “that’s life” about higher prices in a CNN interview and Trump defended not weighing Americans’ finances in Iran decisions.