Higher tax refunds will likely be used to offset rising gas prices

Spiking gas prices in the U.S. are on track to eat up tax refunds this year, leaving most Americans with little extra to spend. Oil and gas prices have soared since the start of the Iran war. The nationwide average price of gas is $3.94 a gallon, up nearly a dollar from just a month earlier. Gas prices are likely to remain elevated for some time, even if the war ends soon, because shipping and production have been disrupted and will take time to restore. Economists now expect slower growth this spring and for the year as a whole,.