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Where in the US have gas prices jumped the most since the US attack on Iran?

Drivers in some states are seeing pump prices rise much faster than others.

With the US-Iran war escalating, oil markets have become the global gauge of the conflict — and American drivers are already feeling the pain at the pump.

On Sunday, crude prices surged past $110 a barrel for the first time since the early days of the Russia-Ukraine war in 2022 — as tankers began avoiding the Strait of Hormuz, a narrow choke point along Iran’s coast through which roughly one-fifth of global oil supply flows every day. 

Because gasoline is refined from crude — with 60% of the pump price tied to oil costs — the shock is already showing up at gas stations: the national average price of regular gasoline climbed to $3.48 per gallon on Monday, up nearly $0.50, or 17%, from February 28, when the US and Israeli strikes on Iran began, according to the American Automobile Association.

But the pain isn’t landing evenly across the country.

States that saw the sharpest percentage increases include Indiana (up 23%), Ohio (22%), Oklahoma (21%), and Texas (20.5%). While these states had relatively cheaper gasoline — below $3 a gallon, leaving more room to rise — they’re also deeply connected to the Gulf Coast refinery network, which runs on crude priced against global benchmarks. So when Middle East disruption sends those prices surging, the shock travels straight through the pipelines to local pumps.

Western states, however, saw far smaller increases. Hawaii (up 3%), Washington (6%), Oregon (7%), Alaska (9%), and Idaho (9%) saw single-digit price jumps, as the region operates largely outside the Gulf Coast fuel network, meaning the Middle East shock tends to arrive slower and softer. They also have generally higher prices to begin with.

Still, Energy Secretary Chris Wright said Friday that the surge in gas prices should last “weeks, not months,” while President Trump called rising oil prices “a very small price to pay” for “safety and peace” on Sunday.

For now, US drivers are already shelling out roughly $187 million extra per day on gasoline compared with last weekend, per Patrick De Haan, head of petroleum analysis at GasBuddy. In a Substack post on Sunday, he also said there’s roughly an 80% chance the national average reaches $4 per gallon “within the next month- or sooner.” Prediction markets broadly agree with him.

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Oil-sensitive stocks and companies relying on middle-class spending are getting crushed

Sometimes there’s a singular story driving the markets. With US benchmark crude oil prices topping $100 a barrel, Monday is one of those days.

Oil-sensitive stocks are getting clobbered, with airlines foremost among them. JetBlue, United Airlines, and Alaska Air are all tumbling.

But the pain is more widespread than that, with industries where oil prices are a major input, such as chemical manufacturers (Eastman Chemical), industrial machinery makers (Illinois Tool Works), and building products (Owens-Corning), also getting shellacked.

More ominous — economically speaking — is the performance of companies catering to America’s middle class, including Macy’s, Kohl’s, Best Buy, and Texas Roadhouse. The drop suggests that investors and traders expect the rising cost of fuel to eat away at disposable income, potentially setting the stage for an economic slowdown.

Some of the worst off on Monday are companies that are both fuel-sensitive and heavily reliant on middle-class consumers — a double whammy.

Cases in point: Carnival is getting creamed, and Clorox, a company that depends on slightly better-off Americans shelling out for its brand-name products, is also getting pummeled.

But the pain is more widespread than that, with industries where oil prices are a major input, such as chemical manufacturers (Eastman Chemical), industrial machinery makers (Illinois Tool Works), and building products (Owens-Corning), also getting shellacked.

More ominous — economically speaking — is the performance of companies catering to America’s middle class, including Macy’s, Kohl’s, Best Buy, and Texas Roadhouse. The drop suggests that investors and traders expect the rising cost of fuel to eat away at disposable income, potentially setting the stage for an economic slowdown.

Some of the worst off on Monday are companies that are both fuel-sensitive and heavily reliant on middle-class consumers — a double whammy.

Cases in point: Carnival is getting creamed, and Clorox, a company that depends on slightly better-off Americans shelling out for its brand-name products, is also getting pummeled.

markets

Live Nation reportedly reaches settlement with DOJ over Ticketmaster

Live Nation is jumping in premarket trading on Monday after reports that it has reached a settlement with the Department of Justice over an antitrust lawsuit that could have forced the company to sell Ticketmaster.

After Bloomberg reported that the company was close to a settlement, The Wall Street Journal early on Monday reported that a deal had indeed been reached with an agreement that crucially spares the entertainment giant from breaking up with Ticketmaster, in return for making it easier for other promoters to compete in Live Nation venues.

The prompt agreement, with negotiations presumably intensifying since the trial kicked off on March 2, is expected to get relief to consumers faster than Live Nation going through a trial, per a Justice Department official cited by the WSJ.

Separately, Politico reported that the settlement would include $200 million in damages to participating states — a tiny fraction of Live Nation’s more than $36 billion market cap. Politico also expects Live Nation to divest more than 10 amphitheaters and cap Ticketmaster’s service fees at its amphitheaters under the agreement.

The settlement, which still requires approval from a judge, is set to be made public on Monday, and has seen about 10 states agreeing to the new framework, according to people familiar with the matter. Other state attorneys general may continue to separately litigate.

After Bloomberg reported that the company was close to a settlement, The Wall Street Journal early on Monday reported that a deal had indeed been reached with an agreement that crucially spares the entertainment giant from breaking up with Ticketmaster, in return for making it easier for other promoters to compete in Live Nation venues.

The prompt agreement, with negotiations presumably intensifying since the trial kicked off on March 2, is expected to get relief to consumers faster than Live Nation going through a trial, per a Justice Department official cited by the WSJ.

Separately, Politico reported that the settlement would include $200 million in damages to participating states — a tiny fraction of Live Nation’s more than $36 billion market cap. Politico also expects Live Nation to divest more than 10 amphitheaters and cap Ticketmaster’s service fees at its amphitheaters under the agreement.

The settlement, which still requires approval from a judge, is set to be made public on Monday, and has seen about 10 states agreeing to the new framework, according to people familiar with the matter. Other state attorneys general may continue to separately litigate.

markets

Leo KoGuan, billionaire Tesla bull, tweets that he purchased another 1 million shares of Nvidia

Billionaire software entrepreneur, philosopher, and now major Tesla and Nvidia bull Leo KoGuan tweeted that he bought another 1 million shares of the chip designer.

“Hopefully, I can contribute a little to calm the nervous market. Good luck all,” he wrote in his message.

Unless KoGuan can work some magic in global oil markets or conflict resolution in the Middle East, however, “a little” may be all he’s able to contribute in favor of market tranquility.

Stocks, including Nvidia, are modestly positive this morning despite the spike in oil prices weighing on major indexes.

Unless KoGuan can work some magic in global oil markets or conflict resolution in the Middle East, however, “a little” may be all he’s able to contribute in favor of market tranquility.

Stocks, including Nvidia, are modestly positive this morning despite the spike in oil prices weighing on major indexes.

markets

Vertiv, Lumentum, Coherent, EchoStar pop on S&P 500 inclusion, as Match Group is removed

Data center equipment maker Vertiv Holdings, photonic companies Lumentum and Coherent, and telecom company EchoStar rose in premarket trading on Monday after S&P Dow Jones Indices announced on Friday that the four companies will join its flagship S&P 500 Index.

The newcomers will replace Match Group, Molina Healthcare, Lamb Weston, and Paycom Software, most of which are trading lower in premarket trading on Monday.

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