U.S. consumers bear biggest fuel cost surge from Iran war, CREA study says
Households in the U.S. are absorbing the heaviest hit from fuel price increases linked to supply disruptions during the war with Iran. A new analysis puts the average added cost for U.S. consumers at $471 since the conflict began on February 28, far above the roughly $60 global average.
Highlights
- U.S. consumers faced the highest fuel cost surge among 169 countries, driven by inefficient private vehicles, travel distances, and slow EV adoption.
- The Centre for Research on Energy and Clean Air reported that globally, fuel bills rose by $468 billion from March to mid-October due to the Iran conflict.
- The U.S. accounted for $160 billion of the extra fuel costs, with China at $54 billion and Canada at $17 billion during the same period.
Study measures fuel burden across 169 countries
As reported by Reuters, citing the Centre for Research on Energy and Clean Air, the higher fuel burden in the U.S. reflects dependence on less efficient private vehicles, longer travel distances and a slower shift to electric vehicles.The Finland-based nonprofit group said its study compares fuel prices in January and February with prices during the rest of the year. It examines fuel prices and consumption in 169 countries from the beginning of March to mid-October.
Consumers in Canada, Australia, New Zealand and Belgium have also paid significantly more, the study said.
War-driven price shock lifts global fuel bill
The study said the world has paid an additional $468 billion for fuel over that period, with the U.S. accounting for $160 billion, China for $54 billion and Canada for $17 billion.The administration of U.S. President Donald Trump says higher fuel prices are a small cost for consumers to pay to stop Iran from obtaining nuclear weapons and that oil and fuel prices will fall when the war ends. The conflict has lasted longer than the administration predicted, extending the pressure on consumers and fuel spending.
In our earlier report on the spike in crude oil shipping costs, we explained how conflict-related risks on key tanker routes pushed freight and insurance rates sharply higher, turning transport into a major component of oil pricing. We also noted that these higher tanker rates can filter through to retail fuel and broader consumer prices, with import-dependent markets and spot buyers facing the most immediate pressure.
Latest USA News
-
Afghanistan
-
Albania
-
Algeria
-
Angola
-
Argentina
-
Armenia
-
Australia
-
Austria
-
Azerbaijan
-
Bahamas
-
Bahrain
-
Bangladesh
-
Belarus
-
Belgium
-
Bolivia
-
Botswana
-
Brazil
-
Brunei
-
Bulgaria
-
Cambodia
-
Cameroon
-
Canada
-
Chile
-
China
-
Colombia
-
Congo
-
Costa Rica
-
Cote d'Ivoire
-
Croatia
-
Cuba
-
Cyprus
-
Czechia
-
DR Congo
-
Denmark
-
Dominican Republic
-
Ecuador
-
Egypt
-
El Salvador
-
Estonia
-
Eswatini
-
Ethiopia
-
Finland
-
France
-
Georgia
-
Germany
-
Ghana
-
Greece
-
Haiti
-
Hong Kong
-
Hungary
-
India
-
Indonesia
-
Iran, Islamic republic
-
Iraq
-
Ireland
-
Israel
-
Italy
-
Jamaica
-
Japan
-
Jordan
-
Kazakhstan
-
Kenya
-
Korea
-
Kuwait
-
Kyrgyzstan
-
Laos
-
Latvia
-
Lebanon
-
Lesotho
-
Libya
-
Lithuania
-
Luxembourg
-
Madagascar
-
Malaysia
-
Malta
-
Mauritius
-
Mexico
-
Moldova
-
Mongolia
-
Montenegro
-
Morocco
-
Mozambique
-
Myanmar
-
Namibia
-
Nepal
-
Netherlands
-
New Zealand
-
Nigeria
-
North Macedonia
-
Norway
-
Oman
-
Pakistan
-
Palestine
-
Panama
-
Papua New Guinea
-
Paraguay
-
Peru
-
Philippines
-
Poland
-
Portugal
-
Puerto Rico
-
Qatar
-
Reunion
-
Romania
-
Rwanda
-
Saudi Arabia
-
Serbia
-
Singapore
-
Slovakia
-
Slovenia
-
Somalia
-
South Africa
-
Spain
-
Sri Lanka
-
Sweden
-
Switzerland
-
Syria
-
Taiwan
-
Tajikistan
-
Tanzania
-
Thailand
-
Trinidad and Tobago
-
Tunisia
-
Turkey
-
UAE
-
Uganda
-
Ukraine
-
United Kingdom
-
United States
-
Uruguay
-
Uzbekistan
-
Venezuela
-
Vietnam
-
Yemen
-
Zambia
-
Zimbabwe
- Forex
- Crypto
