The economic shockwaves of the Iran war have spread beyond the average American consumer cursing under their breath at the pump.

Now, businesses that would have pocketed that additional dollar being spent on each gallon of gas are sounding the alarm.

Fuel Costs Hot Topic for Consumer Firms

California Governor Gavin Newsom Thursday floated a plan requiring oil refiners to maintain minimum reserves of gasoline to prevent price spikes. The California Energy Commission said that, on 63 days last year, California refiners maintained less than 15 days of gasoline supply—a situation in which the agency contends that spiked prices cost drivers $650 million.

California targets fuel price surges with mandatory gas reserves

China's oil imports from countries under Western sanctions have inadvertently resulted in substantial savings for the nation, amounting to nearly $10 billion, according to calculations based on data from traders and shiptrackers, as reported by Reuters.

China benefits from sanctioned oil imports, saves billions in fuel costs 

Rising pump prices are already adding to inflationary pressure and are strengthening the case for a rate hike.

Government keen take long-term view on petrol prices: Ravi Shankar Prasad

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