Surging U.S. gas prices could erase bigger tax refunds, analysis finds

TL;DR

Higher U.S. gasoline prices stemming from the Iran war could offset increased tax refunds.
Stanford economists estimate average households may spend an additional $740 on gas due to rising oil prices.
This estimate would nearly eliminate the expected average tax refund increase of $748, attributed to the 'One, Big, Beautiful Bill Act'.
The impact depends on the conflict's duration and the status of the Strait of Hormuz.
Oil prices spiked amid escalating attacks in the Gulf, with Brent crude reaching nearly $111 a barrel and U.S. benchmark at roughly $99.
The national average gas price reached $3.88 per gallon, up 96 cents from the previous month.

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