Gas Prices Soar, Retail Sales Climb

0:00Gas prices are spiking, like never before, thanks to the Iran War, but retail sales actually climbed in March, mostly because folks are shilling out. More at the pump. Oil costs jumped over 30% globally in recent weeks, with a 24% surge just last month, pushing US gas station receipts up, 15.5%. The biggest March gains since tracking started in 1992. The war kicked off February 28th, and even though a ceasefire was inked two weeks back, it's already crumbling, which means pain at the pump. Could drag on. Overall retail sales rose 1.7%, beating forecast, but strip out gas in the picture lets weaker, with year over year growth at 4%. Consumers are filling the squeeze hard, with sentiment plunging nearly 6% in March to 53.3, the lowest since December. 2025. Cars hit across ages and parties, especially middle and higher earners hit by gas hikes in shaky markets.

1:00Experts figure the war is tacking $857 on to average yearly gas bills, and every $1 per gallon rise as of out 4. $150 in fuel costs for typical drivers. Brought to ripples include fertilizer shortages, jacking up food prices and aluminum gaps, slowing manufacturing from cars to gadgets. If this conflict stretches out, watch for energy costs feeding into wider inflation. But for now, Americans are pumping more cash into gas, while bracing for what's next in this economic rollercoaster. I'm Corey with The Story, and you've been listening to Durham News today, AI Power