As U.S. drivers face the highest Memorial Day gasoline prices in four years, American consumers are paying billions of dollars more on gas and diesel than they did a year ago. The global oil supply shock, created by the Iran war and the closure of the Strait of Hormuz, is affecting Americans disproportionately. The lower-income households are being hit the most as their purchasing power is being eroded by $45 billion in extra costs on fuel compared to a year ago. At the other end of the spectrum, affluent Americans see their financial assets…

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