U.S. Consumers Spent $41.7 Billion Extra on Fuel Since Iran Conflict Began
Americans have paid an estimated $41.7 billion more for gasoline and diesel since late February. National average prices rose more than 51 percent for gasoline and nearly 54 percent for diesel.
digiday.comU.S. consumers have spent roughly $41.7 billion in additional gasoline and diesel costs since the Iran conflict began in late February, according to estimates from Brown University's Watson School of International and Public Affairs. The university's Iran War Energy Cost Tracker, which uses AAA fuel-price data, showed national average gasoline prices climbed from $2.98 per gallon at the start of the conflict to $4.51.
Diesel prices rose to $5.64 per gallon.
The increase amounts to about $318 per household.
Brown University political-science professor Jeff Colgan said the spending could have gone toward transportation infrastructure instead.
Rising oil prices are continuing to affect the broader U.S. economy and contributing to higher inflation, the estimates indicate.
Key Facts
Story Timeline
2 events- Late February
Iran conflict began and fuel prices started rising.
1 sourceBenzinga - Sunday night
Cumulative extra fuel costs reached $41.7 billion.
1 sourceBenzinga
Potential Impact
- 01
Higher fuel prices may contribute to increased transportation and goods costs.
- 02
Households face reduced disposable income for other spending.
Transparency Panel
Related Stories
ibtimes.comSEC Chair Paul Atkins Says Congress Will Pass Crypto Legislation
SEC Chair Paul Atkins stated he is confident Congress will pass crypto market structure legislation. He added that President Trump will sign the bill into law.
asiaone.comIran Says Strait of Hormuz Management Belongs to Iran and Oman
Iran's Foreign Ministry spokesperson stated that control of the Strait of Hormuz must be decided solely by Iran and Oman. The spokesperson also said no agreement has been reached with the United States and that current focus remains on ending the war.
cnbc.comFed Official Highlights Regulatory Barriers to AI Productivity Gains
A Federal Reserve official stated that productivity growth remains key to economic expansion and that regulatory hurdles are the main obstacle to sustained gains from artificial intelligence.