Key facts
- US consumers paid an average of $471 more for fuel due to price spikes from the Iran war.
- Global consumers paid an additional $468 billion for fuel since the war began.
- The US paid $160 billion of the global increase in fuel costs.
- Consumers in Canada paid an average of $60 more for fuel.
US consumers are bearing the highest cost for fuel price increases resulting from the Iran war, according to a study by the Finland-based nonprofit Centre for Research on Energy and Clean Air (CREA). The study, released on Monday, indicated that US consumers have paid an average of $471 more for fuel since the conflict began on February 28, significantly more than the global average of about $60. This higher cost for Americans is attributed to their reliance on less efficient private vehicles, longer travel distances, and a slower transition to electric vehicles. The report also noted that the world has paid an additional $468 billion for fuel during the period examined, with the US accounting for $160 billion of this total.