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As tensions flare around the Strait of Hormuz, oil prices refuse to sit still, and U.S. gas prices climb in lockstep, hitting consumers right where it hurts. Analysts across the consumer sector are keeping their ear to the ground, watching the ripple effect squeeze spending, especially among lower-income households already walking a tightrope.
John San Marco of Neuberger Berman, an investment management firm, has run the math and called it as he sees it. The surge in gas prices has wiped out the tax benefit for roughly two-thirds of consumers. However, higher income groups still land on their feet, enjoying the refund tailwind as tax law changes are tilting the scales in their favor and keeping them relatively insulated from rising fuel costs.
