Higher oil prices have increased gasoline, diesel, and jet fuel costs for consumers since the Iran War began. The added spending totals about $59 billion, with most of the impact coming from gasoline and additional costs reflected in diesel and implied jet fuel expenses. The per-household cost is about $450, which has been partly offset by larger-than-expected tax refunds. Refunds averaged about $384 per person, helping keep the net burden manageable for a time. By mid-May, the extra fuel costs are projected to exceed the refund increases, raising concerns about whether consumer spending can remain resilient.
"He finds it equals $59 billion dollars, made it mostly of gasoline, then there's a diesel cost and an implied jet fuel cost in those higher airline fees. That amounts to about $450 per household, a cost that's been manageable in part because you can see there, bigger tax refunds have offset it. But in mid-May, you can the extra fuel cost outstrips the refunds, that's averaged about $380. So now it's higher."
"Deep deep tease in the business Joe, which I know you haven't been in for a very long time But that's what it's called. It's called a deep tease It's a day ahead of time. The gas bill, joe, from the surge in oil prices is starting to add up for consumers, raising concerns about whether the resilient consumers so far can hang on much longer."
"Mark Zandi at moodys.com. He calculated the total bill so far at the request of CNBC. I asked him for this couple of days ago. That's how I knew it was coming. He finds it equals $59 billion dollars, made it mostly of gasoline, then there's a diesel cost and an implied jet fuel cost in those higher airline fees."
"The Iran War has contributed to months of bad inflation numbers, largely fueled by a sharp rise in gasoline prices. On Friday's edition of CNBC's Squawk Box, Liesman told fellow anchor Joe Kernen that he asked Mark Zandi at Moody's to calculate the total each American has paid in extra costs since the war started."
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