Higher gas prices have cost U.S. drivers an additional $8.4 billion, Democrats say
CBS News • • business
Key Points:
- Since the Iran war began on February 28, American drivers have paid an estimated $8.4 billion more in fuel costs, according to the Joint Economic Committee's Democratic minority.
- Average U.S. gas prices rose to $4.08 per gallon by the end of March, with popular vehicles like the Toyota RAV4 and Ford F-150 seeing fuel costs increase by 35% and $37.29 respectively.
- Despite higher gas prices, consumer spending remains steady, but the Conference Board Consumer Confidence Index indicates fewer Americans plan major purchases, signaling potential financial strain.
- The Trump administration claims the gas price surge is temporary and will decline once the Iran conflict ends, emphasizing a commitment to American energy dominance.
- States with the highest additional fuel costs since late February include Texas ($1.04 billion), California ($970 million), Florida ($684 million), and North Carolina ($361 million), reflecting population and driver density impacts.
