US Consumers Rack Up $100.9 Billion Fuel Bill as Iran War Drives Diesel to $5.90
Updated
Updated · CNN · Sep 8
US Consumers Rack Up $100.9 Billion Fuel Bill as Iran War Drives Diesel to $5.90
3 articles · Updated · CNN · Sep 8
Summary
$100.9 billion in extra gasoline and diesel costs has hit US consumers since the Iran war began in late February, equal to about $770 per household, Brown University’s tracker found.
$55 billion of that came from gasoline and $46 billion from diesel as pump prices stayed elevated—gas topped $4.15 a gallon, while diesel reached a record $5.90 and neared $6 nationally.
Refining shortages are amplifying the squeeze: three of the world’s four refining hubs—the Middle East, Russia and China—have been disrupted by war or export curbs, leaving US Gulf Coast plants running flat out.
Goldman Sachs lifted its December Brent forecast to $85 a barrel and warned oil could top $120 if Gulf output stays depressed, adding to fears that energy costs will keep inflation high.
Friday’s CPI report is expected to show 3.4% annual inflation, and the fuel surge is pressuring President Donald Trump, who says prices will fall when the war with Iran is won.
With global refining slashed by ten percent, could this overseas conflict permanently alter what Americans pay for everyday groceries and shipping?
As diesel prices shatter records nationwide, will this unprecedented energy shock force a massive, irreversible transformation in global supply chain operations?
Even if the conflict ends tomorrow, how long will it actually take for the massive household energy deficit to finally disappear?