Trending Now - Rising Fuel Costs Prompt Tax Refunds and Widespread Concern
WHO:
President Donald Trump
Luis Catalano, taxi driver in Buenos Aires, Argentina
German Toledo, road safety worker in Germany
Kevin Plucken, janitor in Cologne, Germany
Felicia Iwasa, resident of Lagos, Nigeria
Johnny Pagnado, jeepney driver in Manila, Philippines
Sandy Roño, jeepney driver in Manila, Philippines
Alex Jacquez, chief of policy at Groundwork Collaborative
Neale Mahoney, director of the Stanford Institute for Economic Policy Research
Julie Margetta Morgan, president of The Century Foundation
Bernard Yaros and Michael Pearce, economists at Oxford Economics
WHAT:
President Trump stated in a prime-time speech in December 2025 that next spring is projected to be the largest tax refund season of all time.
The nationwide average price of gas reached $3.94 on March 19th, 2026, up more than a dollar from just a month earlier.
Neale Mahoney, director of the Stanford Institute for Economic Policy Research, calculated that gas prices could peak in May 2026 at $4.36 per gallon.
The average household is projected to pay $740 more in gas this year, nearly equal to the estimated $748 increase in tax refunds.
IRS data shows that through March 6th, 2026, tax refunds have averaged $3,676, up $352 from $3,324 in 2025.
Spending on gas on Bank of America credit and debit cards shot 14.4% higher in the week ended March 14th, 2026, compared to a year ago.
The conflict in Iran has persisted for 24 days as of March 23rd, 2026.
The price for a barrel of Brent crude fell from nearly $120 to $101.26 following President Trump's comments on potential negotiations with Iranian leaders.
The nationwide average price of gas reached $3.94 on March 19th, 2026, up more than a dollar from just a month earlier.
Economists at Oxford Economics forecast that the U.S. economy will grow just 1.9% in 2026, down from an earlier estimate of 2.5%.
Data from the Bank of America Institute, released on March 17th, 2026, showed that spending on gas on the bank's credit and debit cards shot 14.4% higher in the week ended March 14th, 2026, compared with a year ago.
The conflict in Iran has persisted for 24 days as of March 23rd, 2026.
The price for a barrel of Brent crude fell from nearly $120 to $101.26 following President Trump's comments on potential negotiations with Iranian leaders.
Gas prices are projected to remain elevated due to ongoing disruptions in shipping and production, even if the war ends soon.
Kevin Plucken, a janitor in Cologne, Germany, can only afford to put 20 euros of gas into his car at a time.
Johnny Pagnado, a 55-year-old jeepney driver in Manila, expressed concern about affording to send his four children to college due to rising costs.
Sandy Roño, a 34-year-old jeepney driver, stated that a beach trip to celebrate his birthday next month is likely off due to financial constraints.
Gas prices have surged globally, affecting household budgets.
The price for a barrel of Brent crude fell 9.7% to $101.26.
The nationwide average price of gas reached $3.94 on March 19th, 2026.
Average tax refunds are projected to be the largest in history, with an estimated increase of $748 per household.
Refunds have averaged $3,676 through March 6th, 2026, up $352 from $3,324 in 2025.
Economists estimate that gas prices could peak at $4.36 per gallon in May 2026.
The bottom 10% of earners spend nearly 4% of their incomes on gasoline.
WHERE:
Buenos Aires, Argentina
Cologne, Germany
Lagos, Nigeria
Manila, Philippines
WHEN:
The war in Iran began on February 28th, 2026.
The spike in gas prices has been ongoing since the war began.
Data from the Bank of America Institute was released on March 17th, 2026.
WHY:
The rising gas prices are expected to worsen the economic situation for lower and middle-income households, which are likely to receive lower refunds while spending a greater proportion of their earnings on gas.
Rising gas prices are compounding the financial strain on households already facing stagnant wages and increasing costs of living.
Rising gas prices are attributed to the ongoing conflict in Iran and disruptions in oil shipping and production.
Lower and middle-income households are disproportionately affected due to their higher spending on gas relative to income.
HOW:
The gas price spike is occurring as many consumers are already in a precarious financial position, with a significant number maxing out credit cards and using "buy now, pay later" options for groceries.
Oil must pass through refineries and be shipped via pipelines and tankers to reach gas stations, causing delays in price adjustments at the pump.
Consumers are cutting back on discretionary spending due to increased gas prices.
(UPDATED March 24, 2026 13:43 UTC)
In a prime-time speech last December, Trump projected that next spring would see the largest tax refund season ever, while recent data shows the nationwide average price of gas has surged to $3.94 as of March 19, 2026, up more than a dollar from just a month ago. Neale Mahoney from the Stanford Institute for Economic Policy Research estimates gas prices could peak at $4.36 per gallon in May, leading to an average household spending an additional $740 on gas this year, nearly matching the expected $748 increase in tax refunds. This rise in gas prices is particularly challenging for lower and middle-income households, who are already facing financial strain and are likely to receive lower refunds while spending a larger share of their income on fuel.
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(UPDATED March 24, 2026 04:12 UTC)
The conflict in Iran has now lasted for 24 days, and in response to President Trump's comments about potential negotiations with Iranian leaders, the price of Brent crude oil has dropped from nearly $120 to $101.26 a barrel. Meanwhile, the nationwide average price of gas reached $3.94 on March 19, which is more than a dollar higher than it was just a month ago. Additionally, economists at Oxford Economics have revised their growth forecast for the U.S. economy down to 1.9% for 2026, while data from the Bank of America Institute shows that spending on gas increased by 14.4% in the week ending March 14 compared to the same time last year.
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(UPDATED March 24, 2026 01:44 UTC)
The conflict in Iran has now lasted for 24 days, and in response to President Trump's comments about potential negotiations, the price of Brent crude has dropped from nearly $120 to $101.26 a barrel. However, gas prices are expected to stay high due to ongoing disruptions in shipping and production, which is putting financial pressure on families worldwide, like Kevin Plucken in Germany, who can only afford to fill his car with 20 euros of gas at a time. In Manila, jeepney drivers Johnny Pagnado and Sandy Roño are feeling the pinch as rising costs make it difficult for them to support their families and plan for celebrations.
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(UPDATED March 23, 2026 21:36 UTC)
Gas prices have surged globally, reaching a nationwide average of $3.94 per gallon as of March 19, 2026, largely due to the ongoing conflict in Iran that began on February 28. Economists predict that prices could peak at $4.36 per gallon by May, which is particularly burdensome for lower and middle-income households that spend nearly 4% of their incomes on gasoline. Meanwhile, average tax refunds are projected to be the largest in history, with households seeing an increase of $748, bringing the average refund to $3,676 through early March.