Iran war pushes US household costs near $2,000 ahead of midterms
Rising fuel prices since the Iran war began are straining American households as midterm elections approach.
KEY POINTS
- War with Iran has lasted more than seven months
- Average U.S. household cost is almost $2,000
- Gasoline is 45% above prewar levels at $4.33 a gallon
- Diesel is up 68% to $6.33 a gallon
- Strait of Hormuz shipping remains dangerous and constrained
More than seven months into the U.S. war with Iran, higher fuel prices are making driving and flying more expensive and adding to the cost of some goods.
Motorists and airline passengers have felt the clearest effects as fighting disrupts Middle East oil shipments. Some companies have raised delivery charges or prices on selected products.
“The war has cost the average U.S. household the equivalent of almost $2,000.”
Store prices have not risen across the board because many businesses have absorbed at least part of their higher production and transportation costs.
Moody's Analytics chief economist Mark Zandi estimated the war has cost the average U.S. household almost $2,000, including $1,100 in higher energy prices, $540 in higher interest rates and $360 in military costs.
Gasoline averaged $4.33 a gallon on Friday, 45% above its prewar level, while diesel reached $6.33, up 68%, according to AAA.
Shipping through the Strait of Hormuz remains dangerous and constrained, prolonging uncertainty over oil supplies and fuel prices.
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