Key facts
- Americans face the largest share of global energy price inflation due to the Middle East war.
- Total global fuel inflation estimated at $468 billion.
- U.S. portion of fuel inflation estimated at $160 billion.
- Average additional fuel cost per American estimated at $471.
- Global average additional fuel cost estimated at $60 per person.
- Japan's electricity prices reached a record high.
Americans are paying the largest portion of global energy price inflation resulting from the war in the Middle East, according to a report by the Finnish Centre for Research on Energy and Clean Air (CREA). The outlet estimated the global total in fuel inflation at $468 billion, with the U.S. portion standing at $160 billion. CREA also estimated Americans' additional costs at $471 per person, significantly higher than the global average of $60. The report attributes these high costs to America's exceptional oil consumption due to reliance on inefficient private vehicles and a slow transition away from fossil fuels. However, the analysis notes that comparing global and national averages can be misleading and that other countries, like Japan and European nations, have faced severe energy price hikes, with some experiencing record electricity costs.