The average tax refund this year is higher by about $350, or nearly 11%, when compared to last year, according to the latest Internal Revenue Service data as of March 6. Gas prices have soared to an average of $3.91 nationwide, up 93 cents from February 28, when the US-Israeli conflict with Iran began. “The tax refund relief might not pay the political dividends that Republicans and Trump were hoping for,” she continued. In total, its spending will increase by $750 because higher gas prices will cause other items to become more expensive. Even when the Middle East conflict ends, it will take time for gas prices to decline.

Source: CNN March 20, 2026 13:19 UTC