Prices jump at the pump: Here's what to know

• National average gas prices are at a 4-year high ($4.55/gallon as of May 22), with diesel prices up nearly 60% year-to-date.
• Americans have spent an additional $40 billion on fuel since the 'Iran war' began (likely referring to the Russia-Ukraine war), equating to $300 per household.
• Oil and gas are inputs for over 6,000 consumer products, and the full impact of rising energy costs on end-product prices has not yet filtered through due to lags in contract renegotiations.

The report highlights significant increases in gas and diesel prices, with the national average for gas at a four-year high of $4.55/gallon. Americans have spent an additional $40 billion on fuel since the 'Iran war' began. The full inflationary impact on consumer products, including plastics and food, has not yet been felt due to lags in contract renegotiations and potential future disruptions like El Niño.