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American consumers are facing a $37 billion hit from rising gasoline and oil prices since the start of the war with Iran, according to a study from Brown University.
As of Monday afternoon, that cost increase amounts to more than $284 per household. The estimates are based on the Iran War Energy Cost Tracker, a Brown University calculation of the additional cost of gasoline and diesel since the war began on February 28.
The tracker compares current prices with a “no war” counterfactual estimate of where energy prices would be without the conflict.
Rising gasoline prices, from $2.98 per gallon when the war began to $4.52 on Monday, are costing American consumers $20 billion, according to Brown.
Oil, an essential fuel for farmers, truckers and railroads, is just 18 cents away from a record high in 2022, according to AAA.
Oil is costing Americans an additional $16.9 billion. Brown said the oil cost estimate includes both the direct and indirect impact on consumers.
The data numbers do not include broader costs to consumers, including fewer jobs, slower economic growth, increased military spending and higher interest costs on U.S. debt.
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