How the spike in gas prices could ripple through the global economy
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The Bottom Line
Gas prices have spiked sharply amid the Iran war, marking the second-largest increase in three decades and threatening global economic growth.
How This Affects You
Rising gas prices are squeezing your household budget now, and sustained increases could slow consumer spending, trigger job losses, and ripple through the global economy.
AI Summary
Gas prices have spiked sharply amid the Iran war, marking the second-largest increase in three decades and squeezing household budgets across the United States. The surge is rippling beyond American consumers—economists warn it poses a significant shock risk to the global economy, where energy costs directly affect manufacturing, transportation, and inflation. Cliff Kupchan, chairman of the Eurasia Group, indicates the war's economic fallout could be far more severe than the immediate impact at the pump. Energy price shocks of this magnitude historically trigger broader slowdowns in consumer spending and business investment worldwide. The timing matters: oil-dependent economies and already-fragile supply chains face particular vulnerability to sustained price increases.
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FinanceChina’s ‘teapot’ oil refineries keep economy brewing – but surging crude prices leave them strained
<p>The factories, which buy cheap crude and turn it into fuel, are struggling as higher oil prices threaten their razor-sharp margins </p><p>The towns that are the bulwark of China’s energy security can, at a moment of <a href="https://www.theguardian.com/world/2026/mar/23/iran-war-energy-crisis-1970s-oil-shocks-fatih-birol-iea">global crisis</a>, appear deceptively quiet. Trucks carrying oil trundle along wide-open highways that have little traffic, while a few boarded-up shops in crumbling low-rise buildings hint at a long-forgotten local buzz.</p><p>A ramshackle noodle shop serving hand-pulled ribbons of dough was empty at lunchtime, save for a few construction workers and a teacher watching videos on Douyin, the social media platform, with his meal.</p> <a href="https://www.theguardian.com/world/2026/mar/30/china-teapot-refineries-crude-oil-iran-war">Continue reading...</a>
FinanceHigh gas prices impact food delivery drivers, farmers
The national average price for gas has climbed more than 30 cents over the past month amid the Iran war. A man near Dallas earning extra money for his family through DoorDash told CBS News the rising prices are cutting into his family's wellbeing. The costs are also impacting farmers and consumers. Jason Allen explains.
EnvironmentEPA approves sale of higher-ethanol fuel in bid to lower gas prices
<p>Higher blend has been prohibited in warm weather because of concerns it could worsen smog</p><p>The US Environmental Protection Agency said Wednesday that it would temporarily allow widespread sales of a higher ethanol gas blend in a move that they hope will tamp down consumer prices that have soared since the Iran war began.</p><p>The higher blend has been prohibited in warm weather because of concerns it could worsen smog.</p> <a href="https://www.theguardian.com/us-news/2026/mar/26/epa-higher-ethanol-fuel-gas-prices">Continue reading...</a>
EnvironmentEPA approves sale of higher-ethanol fuel in bid to lower gas prices - The Guardian
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EnvironmentEPA approves sale of a higher-ethanol fuel to try to lower gas prices - AP News
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US paves way for private assets to be included in 401(k) retirement plans - Reuters
