Americans are shelling out more money at the gas pump just as the summer driving season is about to heat up. Soaring crude oil prices have lifted national gasoline prices 21% over the past year, according to AAA. Drivers in nine states are paying $3 a gallon for regular gasoline. Prices could continue to climb after President Donald Trump decided this week to sanction Iran, the world’s fifth largest oil producer. This pain at the pump threatens to drain some of the extra take-home pay that many households are enjoying from Trump’s tax cuts. Higher gas prices are on track to cost Americans an extra $38 billion in 2018, wiping out about one-third of the direct benefit from the tax law, according to Morgan Stanley. The firm estimated that American households will take home an additional $128 billion in 2018 because of the new tax […]