Trending Now - Rising Gas Prices Strain Budgets, Hitting Lower Incomes Hardest

WHO:

CBS News - Taylor Rogers, White House spokeswoman, stated that Trump remains committed to lowering fuel costs for Americans.

CBS News - Melissa Miles, a full-time student at Eastern Michigan University, and single mother.

CBS News - Daniel Hock, a university admissions adviser from Sacramento, California.

CBS News - Steph Thornton, a community health worker from Macomb, Michigan.

Yahoo Finance - Analysts at the Federal Reserve Bank of New York.

WHAT:

CBS News - Gas prices in California have reached $6.16 a gallon, the highest in the country.

CBS News - Diesel prices have increased to $5.67, up from $3.54 a year ago.

CBS News - Mark Zandi, chief economist at Moody's Analytics, predicts gas prices will settle at around $3.50 a gallon by the end of 2026, roughly 50 cents higher than the cost just before the war.

CBS News - Steph Thornton estimates her monthly gas expenses have risen to $400 from $320 earlier in the year.

Yahoo Finance - The report from the Federal Reserve Bank of New York indicates that lower-income households are experiencing a larger gap in consumption trends compared to wealthier households due to the energy price surge.

AP News - A separate report from the Bank of America Institute found that among the poorest one-third of households, one-tenth now spend 10% of their incomes on gas.

AP News - The report states that as of a recent update, gas prices have leapt 50% since the war began.

AP News - The report from the Federal Reserve Bank of New York indicates that overall gas consumption fell 3% in March.

AP News - The report indicates that total spending at gas stations jumped 15% in March from the previous month.

AP News - The gas-price surge has worsened economic disparities, contributing to what many economists call the “K-shaped economy.”

CBS News - Gas prices in California have reached $6.16 a gallon, the highest in the country.

CBS News - The national gas price rose to $4.54 a gallon, up more than $1.50 since the conflict erupted in late February.

Yahoo Finance - In March, lower-income households spent 4.2% of their income on gas, compared to 2.7% for wealthier households.

AP News - By the end of March, gas prices had risen about 25%, and as of a recent report, gas prices have leapt 50% since the war began.

AP News - The report from the Federal Reserve Bank of New York indicates that lower-income households cut their gas consumption by 7% but still spent 12% more on gas in March.

AP News - Higher-income households, defined as those earning $125,000 a year or above, lifted their spending on gas by 19% in March while reducing their overall consumption by just 1%.

AP News - Total spending at gas stations jumped 15% in March from the previous month.

AP News - The report from the Federal Reserve Bank of New York indicates that overall gas consumption fell 3% in March.

AP News - A separate report from the Bank of America Institute found that among the poorest one-third of households, one-tenth now spend 10% of their incomes on gas.

CNBC - The average listing price for a used vehicle was $25,390 as of March, which was up roughly $100 from February.

CNBC - The average listing price of a used electric vehicle remains more than $9,200 higher than the overall market.

The Guardian - The California Energy Commission vice-chair stated that the state could meet fuel demand for the next six weeks with its current supply.

The Guardian - The last oil tanker from the Middle East arrived in California, delivering about 2 million barrels of crude oil.

Yahoo Finance - Lower-income households may be responding to rising energy prices by carpooling or using public transit where available.

CBS News - Gas prices in California have reached $6.16 a gallon, the highest in the country.

Yahoo Finance - In March, lower-income households increased their nominal gas spending by 12% but cut their real gas consumption by 7%.

AP News - A report from the Federal Reserve Bank of New York indicates that total spending at gas stations jumped 15% in March from the previous month.

AP News - The report states that as of a recent update, gas prices have leapt 50% since the war began.

AP News - The report from the Federal Reserve Bank of New York indicates that higher-income households lifted their spending on gas by 19% in March while reducing their overall consumption by just 1%.

AP News - A separate report from the Bank of America Institute found that among the poorest one-third of households, one-tenth now spend 10% of their incomes on gas.

CNBC - The average listing price for a used vehicle was $25,390 as of March, which was up roughly $100 from February.

The Guardian - The California Energy Commission vice-chair stated that the state could meet fuel demand for the next six weeks with its current supply.

The Guardian - The last oil tanker from the Middle East arrived in California, delivering about 2 million barrels of crude oil.

CBS News - The national gas price rose to $4.54 a gallon, up more than $1.50 since the conflict erupted in late February, according to AAA.

CBS News - Diesel prices have increased to $5.67, up from $3.54 a year ago.

Yahoo Finance - In March, lower-income households spent 4.2% of their income on gas, compared to 2.7% for wealthier households.

AP News - Total spending at gas stations jumped 15% in March from the previous month.

AP News - The gas-price surge has worsened economic disparities, contributing to what many economists call the “K-shaped economy.”

AP News - The report from the Federal Reserve Bank of New York indicates that lower-income households are experiencing a larger gap in consumption trends compared to wealthier households due to the energy price surge.

AP News - The Iran war began on February 28, and by the end of March, gas prices had risen about 25%.

AP News - Overall gas consumption fell 3% in March.

AP News - As of a recent report, gas prices have leapt 50% since the war began.

CBS News - Gas prices in Michigan are now averaging $4.80 a gallon, with the national average reaching $4.54 a gallon, up more than $1.50 since the conflict began.

AP News - By the end of March, gas prices had risen about 25%, and as of a recent report, gas prices have leapt 50% since the war began.

Yahoo Finance - Lower-income households, defined as those earning less than $40,000, cut their gas consumption by 7% but still spent 12% more on gas in March.

Liberty Street Economics - In March 2026, nominal gasoline spending rose by over 15%, while real gasoline consumption fell by 3%.

AP News - Total spending at gas stations jumped 15% in March from the previous month.

CNBC - Used car prices fell last month for the first time since October, decreasing 1.6% compared with March, while the average listing price for a used vehicle was $25,390 as of March.

The Guardian - The California Energy Commission vice-chair stated that the state could meet fuel demand for the next six weeks with its current supply.

The Guardian - The last oil tanker from the Middle East arrived in California, delivering about 2 million barrels of crude oil.

CBS News - The national gas price rose to $4.54 a gallon, up more than $1.50 since the conflict erupted in late February.

AP News - By the end of March, gas prices had risen about 25%, and as of a recent report, gas prices have leapt 50% since the war began.

Liberty Street Economics - In March 2026, nominal gasoline spending rose by over 15%, while real gasoline consumption fell by 3%.

Yahoo Finance - Lower-income households cut their gas consumption by 7% but still spent 12% more on gas in March.

CBS News - Gas prices in California have reached $6.16 a gallon, the highest in the country.

AP News - By the end of March, gas prices had risen about 25% since the Iran war began.

AP News - Total spending at gas stations jumped 15% in March from the previous month.

AP News - Lower-income households, defined as those earning less than $40,000, cut their gas consumption by 7% but still spent 12% more on gas in March.

AP News - Higher-income households, defined as those earning $125,000 a year or above, lifted their spending on gas 19% in March while reducing their overall consumption of gas just 1%.

CBS News - Gas prices in Sacramento, California, have reached $6.16 a gallon, the highest in the country.

CBS News - Daniel Hock now spends roughly $100 a week on gas, which is about 9% of his pre-tax income.

Liberty Street Economics - In March 2026, nominal gasoline spending rose by over 15% while real gasoline consumption fell by 3%.

CBS News - Gasoline prices in Michigan average $4.80 a gallon.

CBS News - The national gas price rose to $4.54 a gallon, up more than $1.50 since the conflict in the Middle East began.

CBS News - Diesel prices have increased to $5.67, up from $3.54 a year ago.

Yahoo Finance - Lower-income families spent 4.2% of their income on gas in March, compared to 2.7% for wealthier households.

CBS News - Mark Zandi, chief economist at Moody's Analytics, predicts gas prices will settle at around $3.50 a gallon by the end of 2026.

CBS News - Steph Thornton estimates her monthly gas expenses have risen to $400 from $320 earlier in the year.

WHERE:

CBS News - Hillsdale, Michigan, where Melissa Miles commutes from.

CBS News - Sacramento, California, where Daniel Hock resides.

CBS News - Macomb, Michigan, where Steph Thornton lives.

WHEN:

CBS News - The conflict in the Middle East began in late February.

Yahoo Finance - The report from the Federal Reserve Bank of New York was released on a Wednesday in May.

WHY:

AP News - The gas-price surge has worsened economic disparities, contributing to what many economists call the “K-shaped economy.”

CBS News - Rising gas prices are attributed to the ongoing war in the Middle East.

Yahoo Finance - The surge in fuel costs is putting pressure on lower-income households, which are more affected by inflation.

HOW:

Yahoo Finance - Lower-income households may be responding to rising energy prices by carpooling or using public transit where available.

Liberty Street Economics - Lower-income households increased their nominal gas spending by 12% but cut their real gas consumption by 7%.

Yahoo Finance - Lower-income households may be responding to rising energy prices by carpooling or using public transit where available.

(UPDATED May 8, 2026 04:05 UTC)

Gas prices in California have soared to $6.16 a gallon, making it the highest in the nation, while diesel prices have also surged to $5.67, a significant jump from $3.54 just a year ago. Mark Zandi, chief economist at Moody's Analytics, forecasts that gas prices will stabilize around $3.50 a gallon by the end of 2026, which is about 50 cents higher than pre-war levels. Reports indicate that the energy price surge is exacerbating economic disparities, with lower-income households facing a larger gap in consumption trends and some spending as much as 10% of their incomes on gas.

(UPDATED May 8, 2026 01:31 UTC)

Gas prices in California have soared to an astonishing $6.16 a gallon, making it the highest in the nation, while the national average has climbed to $4.54 a gallon, reflecting a significant increase of more than $1.50 since the conflict began in late February. A recent report from the Federal Reserve Bank of New York reveals that lower-income households have cut their gas consumption by 7% but are still spending 12% more on fuel, while higher-income households have increased their gas spending by 19% despite only reducing consumption by 1%. Meanwhile, the California Energy Commission has assured that the state can meet fuel demand for the next six weeks with its current supply, following the arrival of the last oil tanker from the Middle East, which delivered about 2 million barrels of crude oil.

(UPDATED May 7, 2026 21:19 UTC)

Gas prices in California have soared to $6.16 a gallon, making it the highest in the nation. A recent report from the Federal Reserve Bank of New York revealed that total spending at gas stations jumped 15% in March compared to the previous month, with higher-income households increasing their gas spending by 19% while cutting back on overall consumption. Meanwhile, the California Energy Commission vice-chair noted that the state can meet fuel demand for the next six weeks with its current supply, following the arrival of the last oil tanker from the Middle East, which delivered about 2 million barrels of crude oil.

(UPDATED May 7, 2026 19:29 UTC)

Gas prices have surged to $4.54 a gallon, marking an increase of more than $1.50 since the conflict in Iran began on February 28. Diesel prices have also risen significantly, now at $5.67, compared to $3.54 a year ago, and this spike in fuel costs has deepened economic disparities, with lower-income households spending a larger portion of their income on gas. Overall gas consumption dropped by 3% in March, even as total spending at gas stations jumped 15%, highlighting the contrasting impacts on different income groups amid what many are calling a “K-shaped economy.”

(UPDATED May 7, 2026 17:31 UTC)

Gas prices in Michigan have surged to an average of $4.80 a gallon, with the national average now at $4.54, reflecting an increase of more than $1.50 since the conflict began. Reports indicate that by the end of March, gas prices had risen about 25%, and they have leapt 50% since the war started, leading lower-income households to cut their gas consumption by 7% while still spending 12% more in March. Meanwhile, the California Energy Commission vice-chair has confirmed that the state can meet fuel demand for the next six weeks with its current supply, following the arrival of the last oil tanker from the Middle East, which delivered about 2 million barrels of crude oil.

(UPDATED May 7, 2026 15:44 UTC)

Gas prices have surged to $4.54 a gallon, marking an increase of more than $1.50 since the conflict began in late February, with reports indicating a 50% rise since then. In March, lower-income households reduced their gas consumption by 7% but still faced a 12% increase in spending, while higher-income households increased their gas spending by 19% despite only cutting back their consumption by 1%. This situation has exacerbated economic disparities, contributing to what many economists describe as a “K-shaped economy,” prompting lower-income families to adapt by carpooling or utilizing public transit when possible.

(UPDATED May 7, 2026 13:30 UTC)

Gas prices in California have soared to an astonishing $6.16 a gallon, making it the highest in the nation. Since the onset of the Iran war, gas prices have climbed about 25% by the end of March, leading to a 15% increase in total spending at gas stations compared to the previous month. This surge has particularly impacted lower-income households, who reduced their gas consumption by 7% but still faced a 12% increase in spending, while higher-income households increased their gas spending by 19% despite only cutting back their consumption by 1%, highlighting the growing economic disparities in what many economists are calling a “K-shaped economy.”

(UPDATED May 7, 2026 11:38 UTC)

White House spokeswoman Taylor Rogers announced that Trump remains committed to lowering fuel costs for Americans as gas prices in Sacramento, California, have soared to $6.16 a gallon, the highest in the nation. Daniel Hock, a local resident, now spends about $100 a week on gas, which accounts for roughly 9% of his pre-tax income. A report from the Federal Reserve Bank of New York highlights that lower-income households are facing a significant gap in consumption trends, with these households increasing their nominal gas spending by 12% while cutting their real gas consumption by 7%.

(UPDATED May 7, 2026 09:51 UTC)

Gasoline prices in Michigan have surged to an average of $4.80 a gallon, while the national average has climbed to $4.54, reflecting an increase of more than $1.50 since the conflict in the Middle East began in late February. Lower-income families are feeling the pinch, spending 4.2% of their income on gas, compared to just 2.7% for wealthier households, and community health worker Steph Thornton reports her monthly gas expenses have jumped to $400 from $320 earlier this year. Economists predict that gas prices could stabilize around $3.50 a gallon by the end of 2026, but for now, many are adapting by carpooling or using public transit to cope with rising costs.