'Almost exactly offsetting the boost': Higher gasoline prices this year could wipe out tax refunds from Trump's One Bi

[riversedge]

Geez!!!

‘Almost exactly offsetting the boost’: Higher gasoline prices this year could wipe out tax refunds from Trump’s One Big Beautiful Bill Act

https://www.msn.com/en-us/money/markets/almost-exactly-offsetting-the-boost-higher-gasoline-prices-this-year-could-wipe-out-tax-refunds-from-trump-s-one-big-beautiful-bill-act/ar-AA1Z96rQ?ocid=winp1taskbar&cvid=c9379243f6914335ff6857e8a6149f38&ei=11

Story by Sasha Rogelberg • 4h •

In January, the White House celebrated what they claimed to be the “largest tax refund season in U.S. history,” promising hundreds of dollars more in refunds this tax year as a result of changes to the tax code, thanks to the One Big Beautiful Bill Act (OBBBA).

But economists warn those savings could go up in smoke—or rather exhaust, cancelled out completely by elevated gas prices as a result of the ongoing war in Iran.

An analysis led by economists at the Stanford Institute for Economic Policy Research found that should the Strait of Hormuz remain closed for another three weeks and oil top out at $110 per barrel in March, gas would peak at $4.36 per gallon in May. As a result, the report found Americans would be paying on average $740 more for gas this year. The economists noted that extra spend would cancel out the $748 more in tax refunds projected for a typical household, according to the Tax Foundation.

Gas prices have surged more than 90 cents since Feb. 28, to $3.91 per gallon, when President Donald Trump initiated a major military operation against Iran, in a joint effort with Israeli forces. The ongoing strikes and counterattacks have resulted in the effective closure of the Strait of Hormuz, the chokepoint through which more than 20% of the world’s oil supply is exported.

With oil prices hovering near $100 per barrel—and spiking above $115 this week—gas prices have subsequently reached their highest levels since 2023. But even if the conflict ends in a matter of weeks, Americans are still likely to feel pain at the pump.
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[riversedge]

1. "These elevated gas prices are likely to impact lower- and middle-income consumers the most, exacerbating a K-shaped eco

................In a note to clients, Oxford Economics analysts similarly calculated that consumers would spend $60 billion more on gas in 2026, should gas prices average out to $3.60 per gallon, “almost exactly offsetting the boost from refunds.”

These elevated gas prices are likely to impact lower- and middle-income consumers the most, exacerbating a K-shaped economy of wealthier Americans increasing consumer spend and lower-income households struggling to make ends meet. The bottom 80% of earners spend close to 4% of their budget on gas—nearly twice as much as their higher-income counterparts, Oxford analysts wrote.

https://www.msn.com/en-us/money/markets/almost-exactly-offsetting-the-boost-higher-gasoline-prices-this-year-could-wipe-out-tax-refunds-from-trump-s-one-big-beautiful-bill-act/ar-AA1Z96rQ?ocid=winp1taskbar&cvid=c9379243f6914335ff6857e8a6149f38&ei=11

[Historic NY]

2. Thankfully winter is heading out

NY heating oil prices skyrocket 39% year-over-year amid US-Iran conflict

Home heating oil prices in New York spiked in early March 2026 — far exceeding levels during the same time last year — as costs for fuels overall leaped globally in the first weeks of the U.S.-Israeli war on Iran.

With nearly one-in-five homes statewide using heating oil, rising costs for the fuel are key to politically charged fights over measures aimed at shifting more buildings and homes to electric heat, as well as efforts to expand clean energy initiatives.

https://www.recordonline.com/story/news/2026/03/21/ny-heating-oil-leaps-21-in-two-weeks-as-global-fuel-costs-surge/89257118007/]

Meanwhile the nutters in state government are pushing electric heat.......have they looked at the sky rocketing rates just for delivery. No one seems to have plan they now decided to build a new nuke...shouldn't they have done that before they closed the Indian Point in Harrison NY. .I'm now paying $1200 more a year for gas and electric and I have solar.

[Scrivener7]

3. Except they were already offset by the tarriffs.