CBS: Higher gas prices have cost U.S. drivers an additional $8.4 billion

American drivers have paid an additional $8.4 billion in fuel costs since the Iran war started, according to a new estimate from the Joint Economic Committee's Democratic minority, CBS reports.

The lawmakers' calculation is based on daily average gasoline prices as tracked by AAA between Feb. 28, when the U.S. and Israel attacked Iran, through March 31.

The average cost of gas across the U.S. rose to $4.08 a gallon on Thursday after topping $4 earlier this week for the first time since 2022, according to AAA data.

"The strain is starting to show, especially as gas hits $4 a gallon nationwide," said Heather Long, chief economist at Navy Federal Credit Union, in an email. "It's almost certainly going to be a muted second quarter for spending and GDP growth as the worst of the inflation shock hits consumers."

A recent CBS News poll of  3,335 adults found that rising gas prices are heightening concerns about the U.S. economy.

"As gas prices soar, Americans are wincing at the pump as the total rolls higher, hoping that they soon hear that click. Today's new report is more proof of the ways in which President Trump continues to make it harder for families to get by," said Sen. Maggie Hassan, a Democrat from New Hampshire and the Ranking Member of the Joint Economic Committee, in a statement.

About one-third of Americans are making changes to their spending or savings habits to cope with higher gas prices, while another 35% said they plan to adjust their budgets if fuel costs remain elevated, according to a new LendingTree study.

Texas and California residents have faced the sharpest increase in gas costs due to their large populations and number of drivers. Texans have paid an additional $1.04 billion in fuel costs since Feb. 28, while Californians have paid an extra $970 million at the pump over the same time, the JEC Minority report estimates.

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