US Energy Crisis

Americans are paying for the war in Iran with every visit to the gas station, but some of the damage to the U.S. economy is being offset — for now anyway — by big tax refunds and an investment boom driven by artificial intelligence. According to a slew of economic data released Thursday, prices rose at the fastest pace in almost three years last month, U.S. economic growth is steady and layoffs fell last week. But an inflation gauge closely monitored by the Fed had its biggest gain in three years, driven by soaring gasoline prices.

NEW YORK (AP) — Pain at the pump. Higher postal prices. Flights canceled, costlier airplane …

The price of a gallon of regular gasoline climbed 31 cents in the past week, spiking to an average of $4.48 per gallon Tuesday, according to AAA. That's up 50% since the war with Iran began. Many drivers were hopeful in mid-April, amid signs that the conflict could be winding down, and gasoline prices fell daily for almost two weeks. But as the war continued, gasoline prices reversed course and began increasing again. And energy experts say that even once the war ends, it will take months for gasoline prices to return to pre-war levels.