US Paying Most for Hormuz Oil Shock with World’s Largest Fuel Bill - FINCHANNEL
CREA said Americans paid $471 more per person, while global fuel bills rose $468 billion as refining losses and crude price gains pushed costs higher.
- According to a new analysis by the Centre for Research on Energy and Clean Air , the United States faces the largest burden from the global Hormuz oil shock, accounting for $160 billion of the $468 billion total increase in global fuel costs since late February.
- Amid the disruption of shipments through the Strait of Hormuz, global fuel markets tightened as strikes on refineries and regional conflicts constrained supply, driving diesel and gasoline prices to record highs worldwide.
- Americans face the highest per-capita fuel costs of any country, paying an extra $471 each since late February—nearly eight times the $60 global average. High fuel consumption and dependence on gasoline-burning vehicles amplify this burden.
- Gasoline car users in America paid $440 more for fuel since the crisis began, while drivers who switched to EVs experienced only a $17 increase in charging costs, illustrating the financial disparity based on vehicle type.
- The United States remains uniquely exposed to fuel market volatility due to its slow transition away from inefficient oil-burning vehicles. Other regions have softened the impact by accelerating EV adoption and expanding rail travel, reducing overall fuel demand.
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13 Articles
The Trump admin said energy costs were a small price to pay in Iran war, but U.S. consumers are paying nearly 8x more than anyone else in fuel costs
America’s continued reliance on gas-powered cars has made it vulnerable to energy shocks both in the Middle East and in the future, a new report found.
Americans Hit Hardest by War-Driven Oil Price Surge
Americans are paying the biggest portion of global energy price inflation resulting from the war in the Middle East, a Finnish energy and climate outlet has reported. Estimating the global total in fuel inflation at $468 billion, the Centre for Research on Energy and Clean Air said the U.S. portion of this total stood at $160 billion. On a per-capita basis, Americans are also paying the most, CREA also said, estimating their additional costs at …
The Centre for Energy and Clean Air Research in Finland has estimated that the tension-related oil shock in the Strait of Hormuz has raised the global fuel bill of $468 billion since late February, about one third of which has been endured by America.
The economic burden on consumers worldwide from rising oil prices and diesel fuel shortages has become clear. According to an analysis by the Center for Energy and Clean Air Research (CREA), the difficulties in fuel markets have resulted in an additional cost of $468 billion for consumers.
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