Gas prices could drain half of Trump’s tax cuts for average Americans
A sign showing the price for gasoline is displayed at a Shell gas station. Photo: David Paul Morris/Getty Images
Gas prices are reducing the benefits Americans are getting from President Trump's tax cuts, reports USA today.
The big picture: "President Trump’s decision this week to withdraw from the Iran nuclear deal and reinstate sanctions against that oil-rich country could constrain global supplies, further pushing up crude and gasoline prices," writes USA Today.
By the numbers:
- The average price for regular unleaded gas has risen 50 cents per gallon in the last year, reaching $2.84 this week.
- Americans spend on average $450 a year on gasoline.
- Average middle-class Americans are expected to keep $930 from tax benefits in 2018.
Go deeper: Why gas prices are the highest they've been in years.