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American households pay nearly $450 more on average for energy amid Iran War, data shows
Moody’s said higher gasoline, diesel and jet fuel prices have added nearly $60 billion in costs and may keep squeezing lower-income households.
- As the Iran War reaches its three-month mark, Moody Analytics reports the average American household has paid nearly $450 extra in fuel-related expenses, totaling nearly $60 billion nationwide.
- Gasoline, diesel, and jet fuel price spikes have jumped roughly 47% since the conflict began, forcing consumers to spend nearly $10 billion more on jet fuel and over $20 billion on diesel.
- Airline fares climbed more than 20% compared with 12 months ago, offsetting a $384 boost from tax returns under President Donald Trump's "big, beautiful bill," according to Moody.
- Consumers are raiding savings and leaning on credit to sustain spending, with the personal savings rate falling to one of the lowest readings since the financial crisis. Costco reported "record-breaking" gas volumes as drivers sought lower-priced fuel.
- Mark Zandi, Moody's chief economist, warned that unless the war ends soon, financially pressed consumers will turn more cautious, threatening the soft economy. If prices persist, households could face an additional $2,000 hit at the one-year mark.
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According to data from Moody’s Analytics, U.S. households’ average spending is $60 billion.
Israeli-US war on Iran costs American consumers nearly $60bn
Israeli-US war on Iran costs American consumers nearly $60bn The economic impact of the Israeli-US war on Iran has cost American consumers almost $60bn in just three months, according to an analysis by Moody's Analytics shared with CNBC. The report found that the average US household has spent an additional $447.19 on fuel-related expenses since the conflict began on February 28, as rising energy prices and higher air fares ripple through the e…
·London, United Kingdom
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Total News Sources10
Leaning Left6Leaning Right0Center0Last UpdatedBias Distribution100% Left
Bias Distribution
- 100% of the sources lean Left
100% Left
L 100%
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