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Your 60-second money minute. Today's topic: War and Oil and You
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Your Money Minute — War and Oil and You 3/3/26. Machine-transcribed; use the interactive transcript above to jump the player to any line.
with a CNBC your money minute. I'm Jessica Edinger. American families can be directly impacted by war in the Middle East when oil prices surge as they have after the US attacked Iran. War can disrupt oil and send prices at the pump higher. General rule thumb is for every one dollar barrel increase in crude. There's a rise in gas prices of two to 2.5 cents per gallon. In other words, consumer feels it. Not only do consumers feel it, but so do businesses. Everybody uses fuel. Airlines, cruise lines, Amazon, and retailers and other companies that ship goods. Here's more from CNBC's Sarah Eisen citing Wolfe Research data for every $20 increase in energy prices. You see a nearly 40 basis point boost to headline CPI. CPI, the consumer price index is a measure of the rate of inflation. And whether higher oil and gas prices keep pushing inflation higher depends on how long the energy prices stay up.
So they actually put out a projection of what, say, a $20 increase in oil prices would mean for inflation. There's an elevated effect for the better part of the year. If this sustains, Q2, Q3, Q4, we're talking about almost 0.4% increases in overall CPI. I'm Jessica Edinger, CNBC.
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