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Gas Hits $4.50, Drivers Trim Dining; Applebee’s Deal

5/11/2026

40 8 Full Breakdown

Summary

Story summary

Gasoline prices rose above $4.50 per gallon as the Iran war disrupted oil supplies.
A Numerator survey found 43% of drivers cut back on dining out while economist David Tinsley reported they spent 4.2% of income on gasoline in March.
Applebee's CEO John Peyton launched a $15.99 all-you-can-eat shrimp, wings and fries deal as Chipotle CFO Adam Rymer reported first-quarter same-store sales growth despite a March softening.

History

Historical Context

In October 1973 OAPEC embargoed the United States, cutting output about 5 % and driving crude from $3 to nearly $12 per barrel; gasoline rose 43 % by June 1974. The shock ended in March 1974 but reshaped consumer spending, a legacy seen now as Iran-Israel tensions lift U.S. pump prices above $4.50 and 43 % of drivers curb dining out, prompting CEOs like John Peyton to launch meal services.

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Story summary

Gasoline prices rose above $4.50 per gallon as the Iran war disrupted oil supplies.
A Numerator survey found 43% of drivers cut back on dining out while economist David Tinsley reported they spent 4.2% of income on gasoline in March.
Applebee's CEO John Peyton launched a $15.99 all-you-can-eat shrimp, wings and fries deal as Chipotle CFO Adam Rymer reported first-quarter same-store sales growth despite a March softening.

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