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Over half of Americans say their finances are worsening, Gallup poll finds

April 28, 2026 / 2:24 PM EDT / CBS News

A record 55% of Americans say their financial situation is worsening, with many expressing anxiety about covering monthly bills and making minimum credit card payments, according to a new Gallup poll.

That percentage is the highest Gallup has recorded since it began asking Americans about their finances in 2001, showing consumers are less optimistic than they were during the COVID-19 pandemic in 2020 and the Great Recession in 2008. The survey is based on interviews with 1,001 adults conducted April 1-15, Gallup said.

Although surging gasoline prices since the start of the Iran war in February have fueled public frustration, Gallup’s polling underscores that affordability concerns have been building for years, including longstanding issues such as the rising cost of health care and education.

“Overall, affordability concerns dominate this year’s list, with combined mentions of inflation, energy, housing and health care costs — along with college expenses, transportation costs and childcare — far exceeding all other types of financial concerns,” Gallup said.

Recent increases in consumer prices have caused financial hardships for about 55% of those polled, according to the survey. About 13% cited rising oil and gas prices as a concern, up 10 percentage points from a year earlier.

“Americans feel these prices acutely — we interact with them on a frequent basis and they’re largely necessary,” NerdWallet senior economist Elizabeth Renter told CBS News. “In other words, it’s tough to escape current rising prices, and paired with the uncertainty of how long this spate of inflation will last, it’s unsurprising that consumers’ outlooks are bleak.”

Gas prices on Tuesday hit their highest level since the Iran war started, with the average price rising 7 cents overnight to $4.18 a gallon, according to AAA.

Scarier than dying?

Americans also expressed more financial anxiety about long-term issues such as saving for retirement and paying for their children’s college educations, Gallup found. For instance, about 62% of respondents said they feared not having enough money for retirement, up 3 percentage points from a year earlier.

To be sure, funding retirement has long been a worry for Americans, but the rising cost of living is driving new concerns about outliving one’s retirement savings, according to a recent report from the Allianz Center for the Future of Retirement, part of Allianz Life.

The financial firm’s 2026 retirement study found that 67% of Americans say they are more worried about running out of money than dying, an increase of 10 percentage points from a year earlier.

Near-term issues are also weighing on consumers, with Gallup finding that 28% of those surveyed are worried about paying the minimums on their credit cards, up 2 percentage points from last year and 11 percentage points from 2021.

“A tight budget can become unmanageable fairly quickly when things like gas and groceries get more expensive,” Renter said.

https://www.cbsnews.com/video/americans-react-to-high-prices-inflated-by-the-iran-war/

American Airlines tightens rules for portable chargers amid lithium battery concerns

April 28, 2026 / 3:29 PM EDT / CBS News

By Megan Cerullo

Megan Cerullo is a New York-based reporter for CBS MoneyWatch covering small business, workplace, health care, consumer spending and personal finance topics. She regularly appears on CBS News 24/7 to discuss her reporting.

Read Full Bio

American Airlines this week will introduce new restrictions on portable chargers that passengers can bring on flights for their electronic devices.

Starting Friday, American Airlines customers may carry only two power banks, which must be visible to airline personnel while in use on flights. When not in use, the chargers must be within a passenger’s reach on the aircraft and may not be stowed in an overhead bin, the airline told CBS News.

American Airlines is introducing the policy change after nearly two dozen lithium battery incidents on flights operated by commercial airlines this year. In 2025, nearly 100 such battery incidents occurred, mostly involving battery packs and vape devices, according to FAA data.

“We know our customers rely on portable chargers to keep devices powered throughout their journey. To support safety on board while ensuring our customers continue to have the ability to charge when on the go, American is requiring customers to keep these devices easily accessible during flight,” the airline said in a statement to CBS News. “Additionally, new limits also apply to the number of portable chargers customers can bring onboard and their watt-hour capacity.”

Southwest Airlines also recently changed its policy on battery packs, limiting customers to one per customer.

What does American Airlines allow?

• American Airlines passengers are limited to two portable chargers, each of which may not exceed a capacity of 100 watt-hours
• Portable chargers must be visible or within reach for the duration of the flight
• The chargers may not be stored in overhead bins or recharged aboard aircraft

The carrier’s new rules apply to external power banks that can be plugged into electronic devices, such as laptops or smartphones. Some suitcases also feature built-in charging ports powered by lithium-ion batteries, which also would fall under the new guidelines.

Edited by Alain Sherter

James Comey indicted again in new Justice Department probe

April 28, 2026 2:01pm EDT / Fox News

Indictment related to Comey Instagram photo of ’86 47′ shell formation on a beach

By David Spunt , Louis Casiano , Bill Mears Fox News

Published April 28, 2026 2:01pm EDT | Updated April 28, 2026 2:42pm EDT

DOJ indicts James Comey a second time

Fox News correspondent David Spunt has the latest on the second indictment of the former FBI director on ‘America Reports.’

Former FBI Director James Comey has been indicted for a second time by the Justice Department, multiple sources told Fox News. The charges appear to be related to a May 2025 Instagram photo of an “86 47” shell formation on a beach.

While the specific counts were not immediately clear, the indictment follows a wave of criticism from Republicans and Trump administration officials who viewed the post as a veiled threat.

In the slang often used in the service industry, to “86” something means to eject, cancel or get rid of it. Donald Trump is the 47th president of the United States.

FBI LAUNCHES CRIMINAL INVESTIGATIONS OF JOHN BRENNAN, JAMES COMEY: DOJ SOURCES

Former FBI Director James Comey has been indicted by the Justice Department over a social media post that went viral last year. (Cheriss May/Getty Images)

Comey removed the post the same day it was uploaded, claiming he had misinterpreted the shells as a general political message.

“I posted earlier a picture of some shells I saw today on a beach walk, which I assumed were a political message,” Comey wrote in a subsequent post. “I didn’t realize some folks associate those numbers with violence. It never occurred to me, but I oppose violence of any kind, so I took the post down.”

In an interview with Fox News’ Bret Baier, President Donald Trump rejected this explanation.

“He knew exactly what that meant. A child knows what that meant,” Trump said. “If you’re the FBI director, and you don’t know what that meant, that meant ‘assassination,’ and it says it loud and clear.”

CLAPPER ALLEGEDLY PUSHED TO ‘COMPROMISE’ ‘NORMAL’ STEPS TO RUSH 2017 ICA, DESPITE CONCERNS FROM NSA DIRECTOR

James Comey and Donald Trump(Alex Kraus/Bloomberg via Getty Images and photo by Andrew Harnik/Getty Images)

This second indictment against Comey comes just hours after a federal judge in New York allowed a separate lawsuit brought by his daughter, Maurene Comey, to move forward against the Justice Department.

Maurene Comey, a former federal prosecutor, is suing the Justice Department over what she describes as an unlawful dismissal. Her lawsuit alleges she was terminated “solely or substantially because her father is former FBI Director James B. Comey, or because of her perceived political affiliation and beliefs, or both.”

James Comey was fired by Donald Trump in 2017 during his first term over the handling of the Russia investigation. Since then, Comey has been a vocal critic of the president.

https://www.foxnews.com/video/6385546906112

In September 2025, James Comey was charged with lying to Congress regarding press leaks. However, a federal judge dismissed that case after ruling that the prosecutor involved had been improperly appointed. Comey’s legal team has declined to comment on this latest indictment.

David Spunt currently serves as a Washington D.C. based correspondent for FOX News Channel (FNC). He joined the network in December 2018.

Witness says suspect in correspondents’ dinner shooting “fell right at my feet” while running toward ballroom

April 28, 2026 / 12:53 PM EDT / CBS News

By Matt Gutman

Matt Gutman Chief Correspondent

Award-winning journalist Matt Gutman joined CBS News as chief correspondent in 2026. He is based in Los Angeles.

Read Full Bio

Matt Gutman

An attendee of the White House Correspondents’ Dinner who was outside the ballroom when a gunman ran through a security checkpoint Saturday night said the suspect “fell right at my feet” before he was arrested.

“I would not have had to take a step forward to touch him,” Air Force veteran Erin Thielman said. “I could’ve just bent down to touch him.”

Thielman said she stepped out of the ballroom at the Washington Hilton to call her son as the suspect, Cole Allen, rushed toward the event.

Thielman sprang into action. She said she ran down the stairs and seeing that the doors to the ballroom were “wide open,” she began closing them.

“I was very concerned because we had the line of succession to our country in the ballroom, and I didn’t know what they knew,” she said.

President Trump, Vice President JD Vance and other top Trump administration officials were in attendance at the annual gala, which hosted 2,500 guests.

Court documents say Allen wasn’t tackled by security as initially believed. During a press conference on Monday held by the Department of Justice, acting Attorney General Todd Blanche said Allen “was not shot but fell to the ground and was promptly arrested.”

Officials said Allen was carrying a shotgun, pistol and a variety of knives. A federal affidavit cited a document Allen allegedly emailed to family minutes before the shooting titled “Apology and explanation,” which expressed his intent to target “administration officials prioritized from highest-ranking to lowest.”

Allen was charged with attempting to assassinate the president. He also faces two firearms-related charges. He made his first court appearance on Monday, but did not enter a plea.

Pentagon jumps from $225M to $55B on drones as cheap attacks overwhelm US defenses

April 28, 2026 12:57pm EDT / Fox News

By Morgan Phillips Fox News

The Pentagon is seeking roughly $55 billion for drone and autonomous warfare programs in its fiscal year 2027 budget, as battlefield conflicts from the Middle East to Ukraine expose a growing problem: cheap drones are increasingly able to overwhelm costly U.S. defenses.

The funding request, a dramatic surge from roughly $225 million a year earlier, signals a major shift in how the U.S. military plans to fight future wars, accelerating a move toward large numbers of lower-cost, AI-enabled systems.

The funding, tied to a little-known Pentagon office known as the Defense Autonomous Warfare Group, represents a broad category spanning multiple programs across the services — including procurement, research, training and sustainment — rather than a single standalone weapons system.

War Secretary Pete Hegseth is expected to face questions on the budget when he testifies before Congress Thursday, as lawmakers begin weighing what would be the largest Pentagon request in modern history. The administration is seeking roughly $1.5 trillion in national defense spending for fiscal year 2027 — a more than 40% increase from the prior year and the biggest single-year jump in decades — with major investments in drones, missile defense and next-generation warfare systems at the center of the request.

The Pentagon is seeking roughly $55 billion for drone and autonomous warfare programs in its fiscal year 2027 budget, as battlefield conflicts from the Middle East to Ukraine expose a growing problem: cheap drones are increasingly able to overwhelm costly U.S. defenses.(iStock/Getty Images)

At the center of the shift is a change in doctrine: moving away from a force built around a small number of high-cost platforms toward one designed to deploy large numbers of cheaper systems capable of operating in coordinated groups, often referred to as drone swarms.

In recent confrontations in the Middle East, Iranian drone and missile attacks have forced U.S. and allied defenses to respond to waves of low-cost aerial threats, exposing what defense officials describe as a growing “math problem” — firing expensive interceptors at far cheaper drones.

In one recent engagement, Gulf air defenses tracked dozens of incoming drones alongside ballistic missiles, intercepting many but underscoring how clustered attacks can strain even advanced systems.

US DRAINS CRITICAL MISSILE STOCKPILES IN IRAN WAR AS YEARSLONG REBUILD LOOMS

The same dynamic has played out in Ukraine, where Russia has used Iranian-designed drones in large numbers to pressure air defenses, forcing defenders to expend significant resources to stop relatively inexpensive systems.

Those battlefield lessons are now shaping Pentagon planning, driving a push toward systems designed not just to defend against drone swarms, but to deploy them at scale.

Unlike traditional unmanned systems operated individually, the Pentagon’s new approach emphasizes networks of drones designed to operate together, sharing data and coordinating movements in real time. In theory, such swarms can overwhelm defenses by attacking from multiple directions at once, forcing adversaries to track and respond to dozens — or even hundreds — of targets simultaneously.

Pentagon initiatives are already moving beyond experimentation, with programs aimed at fielding coordinated drone groups in the near term and allowing a single operator to direct multiple systems simultaneously.

https://www.foxnews.com/video/6392754753112

While the concept has been tested in limited scenarios, fully autonomous coordination at scale remains a technical challenge, particularly in contested environments where communications can be disrupted.

The funding supports a wide range of systems across air, land and sea, from small, expendable aerial drones to autonomous surface vessels and ground-based platforms, along with the software and communications networks needed to link them together.

Officials increasingly have emphasized rapid production and lower-cost designs, aiming to field large numbers of systems quickly rather than relying on smaller fleets of more expensive platforms. Much of that effort is expected to draw on commercial technology as the Pentagon seeks to accelerate development timelines.

The shift reflects a broader change in warfare, where industrial capacity and the ability to produce large numbers of systems quickly are becoming as important as technological superiority.

Military planners also have warned that adversaries are investing heavily in similar capabilities.

ALLIES RUSH THOUSANDS OF DRONES TO UKRAINE AS RUSSIA UNLEASHES DEADLY MISSILE BARRAGES

China has demonstrated large-scale drone swarm operations involving hundreds of coordinated systems, highlighting the pace of global competition in autonomous warfare and raising concerns about how such capabilities could be used in a future conflict.

On the battlefield, adversaries are continuing to adapt. Russian forces have begun experimenting with larger “carrier” drones capable of launching smaller attack drones mid-flight, extending range and complicating air defenses, while Iran has refined the use of mass-produced strike drones to overwhelm defenses through sustained attacks.

A soldier holds a drone in the Pentagon parking lot in Arlington, Virginia, on June 14, 2025, during the U.S. Army’s 250th anniversary celebrations.(Samuel Corum/Getty Images)

At the same time, the Pentagon and its allies are racing to develop countermeasures designed to match that scale.

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Layered defenses now include a mix of traditional interceptors, electronic warfare tools and emerging systems such as interceptor drones, aimed at addressing the cost imbalance exposed by recent conflicts. The goal is to build defenses capable of absorbing large waves of incoming threats without relying solely on high-cost missiles.

Despite the scale of the investment, questions remain about how quickly the Pentagon can field these capabilities at scale. Previous efforts to accelerate drone production have faced delays, and integrating large numbers of autonomous systems into existing military structures presents technical and operational challenges.

US to issue passports featuring Trump’s picture to commemorate America’s 250th anniversary

2026-04-28T18:39:35.908Z / CNN

By Jennifer Hansler

Updated 6 min ago

Updated Apr 28, 2026, 4:08 PM ET

PUBLISHED Apr 28, 2026, 2:39 PM ET

This rendering shows a US passport with President Donald Trump’s image on the inside.

US State Department

The US will soon begin issuing passports featuring an image of President Donald Trump inside, a State Department official said Tuesday.

The official said that the passport “will be the default passport out of the Washington Passport Agency when available” for those who renew their passports in person at that location.

“Online options or other locations will maintain existing passport design,” the official said.

The presence of Trump’s likeness in the US passports is the latest – and most significant – instance of his image being used for an item said to be commemorating the 250th anniversary of US independence. Unlike a commemorative coin or national park pass, a US passport is an internationally recognized form of identification that is typically valid for 10 years.

According to a mockup of the passport, Trump’s face and his signature in gold will appear on the inside cover.

“As the United States celebrates America’s 250th anniversary in July, the State Department is preparing to release a limited number of specially designed U.S. Passports to commemorate this historic occasion,” State Department spokesperson Tommy Pigott said Tuesday.

“These passports will feature customized artwork and enhanced imagery while maintaining the same security features that make the U.S. Passport the most secure documents in the world,” he said.

The news was first reported by The Bulwark, and Fox News first published a mockup of the new passport.

The State Department will begin to issue the passports this summer. It is unclear how many will be issued.

According to the mockup of the passport, the back cover will show an image from “The Declaration of Independence” painting by John Trumbull.

Currently, the inside front cover of the US passports show an image of Percy Moran’s painting of Francis Scott Key the morning after the bombardment of Fort McHenry – the battle that inspired Key to write what would become the US national anthem. Lines from the anthem are also printed inside the front cover.

The Department of the Interior, which oversees national parks, announced last year it was unveiling “commemorative new designs” for park passes, one of which features Trump’s face alongside George Washington.

“It is the department’s honor to showcase the America the Beautiful pass honoring America’s 250th anniversary and the generations who have protected our lands,” Secretary Doug Burgum said in a video posted on the department’s website.

And last month, Trump’s handpicked Commission of Fine Arts voted to approve a commemorative coin for the United States’ 250th birthday featuring the president’s likeness.

Last year, Trump’s name was also affixed to both the Kennedy Center and the US Institute of Peace.

FCC orders Disney to file for early license renewal after Trump calls for Jimmy Kimmel to be fired

April 28, 2026 / 3:30 PM EDT / CBS News

The Federal Communications Commission on Tuesday said it has ordered the Walt Disney Co. to file for early license renewal applications for its ABC television stations.

The FCC said in its order that it is investigating ABC stations for “possible violations” of the Communications Act of 1934 and the agency’s prohibition on unlawful discrimination.

An FCC official told CBS News that the order is related to the agency’s investigation into Disney’s diversity, equity and inclusion practices, which the official said has been ongoing since March 2025.

In a statement to CBS News, Disney said it has received the FCC’s order for an accelerated review of its ABC-owned television stations.

“ABC and its stations have a long record of operating in full compliance with FCC rules and serving their local communities with trusted news, emergency information, and public‑interest programming,” a Disney spokesperson said. “We are confident that record demonstrates our continued qualifications as licensees under the Communications Act and the First Amendment and are prepared to show that through the appropriate legal channels.”

The ABC licenses were originally scheduled for renewal between 2028 and 2031. The company owns eight television stations, including WABC-TV New York and KABC-TV Los Angeles.

The order comes after President Trump and Melania Trump urged ABC to fire late-night host Jimmy Kimmel after he made a joke during his April 23 show in which he described the first lady as having “the glow of an expectant widow.”

In the show, Kimmel pretended to deliver a comedy routine at the upcoming White House Correspondents’ Dinner. His program aired two days before the event.

In the aftermath of the dinner, in which an alleged gunman shot a Secret Service agent at the Washington, D.C., ballroom where the Trumps had gathered, the first lady said that ABC should “take a stand” against Kimmel.

—This is breaking news and will be updated; CBS News’ Kristin Brown contributed to this report.

https://www.cbsnews.com/video/trumps-call-for-jimmy-kimmel-to-be-fired-over-jokes-made-prior-to-correspondents-dinner-attack/

Emmer says MN fraud raids send ‘crystal clear’ message after feds hit dozens of sites

April 28, 2026 12:00pm EDT / Fox News

The raids center on childcare facilities allegedly billing for care that was not provided to children in Minneapolis

By Peter Pinedo Fox News

House Majority Whip Tom Emmer, R-Minn., celebrated a massive federal operation in Minneapolis as part of a sweeping fraud investigation into largely Somali-owned businesses, saying law enforcement sent a “crystal clear” message.

Emmer, whose district covers much of the northern and western suburbs of Minneapolis, applauded reports that the FBI and Homeland Security Investigations (HSI) officials raided 22 alleged fraud sites on Tuesday morning.

The whip thanked the Departments of Justice and Homeland Security “for taking action against Somali fraudsters.”

He said that “Minnesotans and U.S. taxpayers across the nation are grateful.”

“President Trump and his administration have made it crystal clear — our country will not tolerate waste, fraud, and abuse, and we are not going to allow people to take advantage of Americans’ generosity,” he added.

MISSPELLED ‘LEARNING’ CENTER, NO CHILDREN INSIDE: EMMER PRESSES WALZ OVER MINNESOTA DAYCARE TIED TO $4M

House Majority Whip Tom Emmer, R-Minn., applauded federal raids on the Quality Learning Center, and other alleged fraudulent businesses in Minneapolis on Tuesday morning.(Madelin Fuerste / Fox News Channel; CQ Roll Call)

The DOJ confirmed that the raids were conducted in coordination with federal, state and local law enforcement and were court authorized.

The raids center on federal fraud investigations into largely Somali-owned businesses, including childcare facilities that registered with the state but were allegedly billing for care that was not provided.

Sources told Fox News that two of the raids were conducted at the Quality Learning Center, best known for its misprinted sign that read “Quality Learing Center,” and Baby Halimo Child Care, both in Minneapolis.

The Quality Learning Center received national attention after blogger Nick Shirley visited several childcare addresses, only to find an assortment of vacant or non-operational storefronts, closed businesses or occupants who refused to answer questions or entertain the pair’s mock efforts to “register” a child with the supposed daycare.

WHAT TO KNOW ABOUT MINNESOTA’S ‘FEEDING OUR FUTURE’ FRAUD AT THE CENTER OF TRUMP’S LATEST CRACKDOWN

Law enforcement agents walk out of a building during an operation.(Fox News)

Following reports of the raids, DHS confirmed that HSI “in cooperation with our law enforcement partners, executed criminal search warrants in Minneapolis relating to the rampant fraud of U.S. taxpayers’ dollars.”

Vice President JD Vance, who the president appointed “fraud czar,” also commented after the raids that the fraud task force and DOJ “will be relentless in exposing these fraudsters wherever they may be hiding.”

Emmer has been highly critical of Minnesota state leaders, especially Democratic Gov. Tim Walz, for their handling of the fraud scandal.

In March, Emmer called for a deeper investigation into allegations that Walz and state Attorney General Keith Ellison knowingly ignored evidence of welfare fraud. He called for those leaders to even face incarceration if the allegations were proven true.

“People are sick and tired of elected officials having a double standard, being treated differently than they are. They’re held accountable for things that they should be held accountable for, when their elected officials are not,” Emmer told Fox News Digital in March.

NYC DEM, HOCHUL AIDE UNDER INVESTIGATION OVER ALLEGED MIGRANT SHELTER BRIBES

Law enforcement officers were seen getting into a vehicle outside of Quality Learning Center in Minneapolis on April 28, 2026.(Fox News)

“If these two guys are dirty, they should be held accountable, and they should serve jail time.”

CLICK HERE TO DOWNLOAD THE FOX NEWS APP

Both Walz and Ellison insisted that they were serious about prosecuting fraud in the state’s social programs and that they took action to stop it once it was brought to their attention.

Fox News Digital’s Stephen Sorace and Elizabeth Elkind contributed to this report.

Peter Pinedo is a politics writer for Fox News Digital.

US Justice Department indicts former FBI Director Comey a second time, source says

April 28, 2026 5:50 PM UTC / Reuters

节点运行失败

James Comey, former director of the Federal Bureau of Investigation (FBI), is seen as he is sworn in remotely from his home during a Senate Judiciary Committee hearing exploring the FBI’s investigation of the 2016 Trump campaign and Russian election interference on Capitol Hill in Washington, U.S., September 30, 2020. U.S. Senate… Purchase Licensing Rights, opens new tabRead more

WASHINGTON, April 28 (Reuters) – The U.S. Department of Justice has brought a new criminal case against former FBI Director James Comey, ​a source familiar with the case said on Tuesday.

The specific charges ‌were not yet clear, nor was it clear where the case would be brought.

The Reuters Iran Briefing newsletter keeps you informed with the latest developments and analysis of the Iran war. Sign up here.

Fox News, citing unnamed sources, reported the case was about a social media post Comey made ​last year that Trump allies interpreted as threatening. The post, which ​was published on Comey’s Instagram page in May 2025, showed ⁠an image of seashells arranged to show the numbers “86 47.”

In U.S. parlance ​the number 86 can be used as verb meaning to throw somebody out ​of a bar for being drunk or disorderly, and 47 is code for Trump, the 47th president. U.S. officials investigated Comey in the days following the post, which Comey ​later deleted.

Comey at the time said he assumed the post was a “political ​message.”

“I didn’t realize some folks associate those numbers with violence. It never occurred to me ‌but ⁠I oppose violence of any kind so I took the post down,” Comey said.

The indictment would mark the second time the Justice Department under Trump has indicted Comey, a longtime foe of President Donald Trump. Comey was charged ​with making a false ​statement and ⁠obstructing Congress in September, but a federal judge dismissed the case after finding that the prosecutor who secured the ​indictment was not lawfully appointed.

The Justice Department has been under ​pressure to ⁠bring criminal charges against Trump’s perceived political enemies, particularly after Trump fired former Attorney General Pam Bondi earlier this month. Acting Attorney General Todd Blanche has ⁠moved ​quickly to execute Trump’s demands for the Justice ​Department, including indicting a prominent civil rights group, the Southern Poverty Law Center, last week.

Reporting by ​Susan Heavey and Ryan Patrick Jones; editing by Michelle Nichols and Chizu Nomiyama

Gas prices jump to their highest level since start of Iran war

April 28, 2026 / 1:44 PM EDT / CBS News

By

The average cost of a gallon of gasoline hit $4.18 on Tuesday, according to AAA, the highest level since the war in the Middle East began.

Gasoline prices, which have risen by $1.20 a gallon since Feb. 28, climbed nearly 7 cents overnight, according to AAA.

The latest increase follows a brief period of relief, when prices eased after hitting a recent high of $4.17 on April 9 as the U.S. and Iran appeared to be making progress toward a deal to end the war. The countries agreed to a two-week ceasefire on April 8, which President Trump has since extended.

However, negotiations appear to have lost momentum in recent days, dashing hopes for a quick resolution to the war and sending oil prices higher.

Oil accounts for 51% of the cost of a gallon of gas, making it the biggest factor in determining prices at the pump. As of Tuesday morning, Brent, the international benchmark, was hovering around $111 a barrel, while West Texas Intermediate, the U.S. benchmark, was just below $100 a barrel.

“The Strait of Hormuz is not reopened — there’s no cohesive plan for reopening it — and now negotiations have been basically stopped,” said Patrick De Haan, a petroleum expert at GasBuddy. “So oil’s been slowly recapturing some of what it gave up after the ceasefire was announced.”

White House press secretary Karoline Leavitt told reporters on Monday that President Trump met with his national security team to discuss a proposal from Iran that would allow for the reopening of the Strait of Hormuz, but delay nuclear negotiations. However, Leavitt said she didn’t want to go so far as to say the administration was “considering” the Iranian proposal.

Residents in Michigan, Wisconsin, Illinois, and Indiana could see a particularly large increase at the pump, due to local refinery issues, such as a power outage at a Northwest Indiana facility, De Haan said. That, along with another snag at an Illinois plant, has pushed wholesale gas prices up by approximately 40 to 50 cents from their previous high on April 7, according to De Haan.

Rising gas prices deliver blow to U.S. consumers

Higher gas prices are perhaps the most visible financial blow U.S. consumers have experienced since the war started.

Over the last two months, Americans have spent $150 more on gas than they would have if it stayed below $3 a gallon, according to Neale Mahoney, an economics professor at Stanford University. By the end of the year, Mahoney predicts Americans will have spent roughly $800 more on gas than they would have if prices followed their pre-war trajectory.

That’s enough to swallow the fatter tax refunds Americans received this year as a result of the “One, Big, Beautiful Bill Act” passed last year. The average refund was up $333 compared to last year, according to the latest IRS data.

Even if the war ends and traffic resumes through the Strait of Hormuz, economists predict consumers will likely be stuck with elevated gas prices for the remainder of the year. Gas prices typically rise much faster after crude spikes than they recede when oil drops, a phenomenon known as the “rockets and feathers” principle. Getting damaged energy infrastructure back online could also pose a challenge.

“You can’t just turn on the supply of oil and gasoline like a switch,” Mahoney said.

Mahoney predicts gas prices will remain above $4 over the summer and then start to come down in the fall.

Threats to the economy

Higher gas prices could take a serious toll on the economy as customers rein in their spending, threatening overall GDP growth, experts have warned. About 70 cents of every $1 of GDP stems from consumer spending.

Customers haven’t pulled back yet on trips to the pump, mainly because they can’t this time of year, according to De Haan.

“There’s not really much opportunity for people right now to cut back,” he said. “People aren’t on vacation, kids are in school, people are doing their nine-to-five grind.”

However, as Americans begin to spend more on gas, that could reduce their spending in other areas, Mahoney noted. Higher diesel prices also threaten to increase the cost of food and other consumer goods as transportation costs grow. As of Tuesday, diesel was $5.46 a gallon, up $1.70 since the war began, according to AAA.

“The impact of higher energy costs is most immediately felt and seen at the pump, but they raise costs more broadly,” Mahoney said. “You’ll see airfares going up if you’re searching for a summer vacation, and we see it in grocery prices,” he added.