Iran war has cost Americans more than $37.3B in fuel price increases

The US-Israeli war against Iran has cost Americans more than $37.3 billion in extra energy prices, according to figures from a study published on Monday.

The Iran War Energy Cost Tracker from Brown University’s Watson School of International and Public Affairs estimates that Americans have paid some $37,346,893,483 in additional energy prices since Feb. 28 when the US and Israel launched a surprise attack on Iran.

The data is updating in real-time with the tally continuing to increase with each passing second. The majority of the extra costs-$20.41 billion-have been paid for petroleum while diesel accounts for nearly $17 billion.

The average US household has paid $285.10 more per month across both gasoline and diesel.

“This is an expense coming directly out of the pockets of American consumers, and consumers can use the tracker to help plan for the extra costs that might come with road trips or summer vacations,” Brown University’s project leader Jeff Colgan said in a statement when the tool was launched in mid-April.

The war, and Iran’s retaliatory decision to shutter the critical Strait of Hormuz, have sent global energy prices skyrocketing. Today, the cost of gasoline stands at $4.520 per gallon in the US, over 50% higher than when the war began with prices then sitting below $3 per gallon.

The Strait of Hormuz is one of the world’s most important maritime chokepoints, linking the Persian Gulf with the Gulf of Oman and the Arabian Sea.

Its prolonged disruption has increased pressure on regional ports, shipping schedules and global supply chains already strained by security risks linked to the Iran war.

Besides closing the strait, Iran retaliated against the US’s Gulf Arab allies by targeting critical energy infrastructure in those countries, further increasing the economic toll of the conflict.

ANEWS wp:paragraph