C Z Doval Santos“ BY CHRISTOPHER RUGABER
Updated March 22, 2026 10:42 AM
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WASHINGTON (AP) - The U.S. economy was supposed to start the year with a bang, fueled by an unusually large jump in tax refunds from President Donald Trump's tax cut legislation. Yet spiking gas prices are on track to eat up those refunds, leaving most Americans with little extra to spend. “ https://apnews.com/article/trump-tax-refunds-gas-prices-859494e746561a3343dcd57836c3dc83# #GasPrices #TaxRefunds # #Inflation # #Economy
Updated March 22, 2026 10:42 AM
Leer en español
WASHINGTON (AP) - The U.S. economy was supposed to start the year with a bang, fueled by an unusually large jump in tax refunds from President Donald Trump's tax cut legislation. Yet spiking gas prices are on track to eat up those refunds, leaving most Americans with little extra to spend. “ https://apnews.com/article/trump-tax-refunds-gas-prices-859494e746561a3343dcd57836c3dc83# #GasPrices #TaxRefunds # #Inflation # #Economy
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,.