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Higher Gas Prices Have Cost U.S. Drivers an Additional $8.4 Billion, Democrats Say
The estimate is based on AAA prices and federal fuel data, with Texas and California bearing the largest state-level costs.
- On Thursday, Democratic members of the Congress Joint Economic Committee reported that U.S. drivers have paid an additional $8.4 billion in fuel costs since the war in Iran began one month ago.
- Gasoline prices have surged to their highest level in four years after Iran's blockade of the Strait of Hormuz cut global oil supplies by 20%, driving national averages above $4 per gallon.
- Residents in Texas and California faced the sharpest increases, paying an extra $1.04 billion and $970 million respectively, while drivers of the Ford F-150 now pay nearly $40 more per tank.
- Economists at Moody's Analytics warned this "effective tax" will likely "erode some of the boost to household purchasing power," while Navy Federal Credit Union's chief economist predicted a muted second quarter for consumer spending.
- White House Press Secretary Karoline Leavitt claimed gas prices will plummet once Operation Epic Fury is complete, though analysts warned that prolonged conflict would "meaningfully reduce household purchasing power and weigh on spending.
13 Articles
13 Articles
Revealed: Eye-watering gas and tariff costs walloping Americans thanks to Trump
As President Donald Trump’s Pentagon pushed Congress to approve $1.5 trillion in new military funding, including $200 billion for the US-Israeli war on Iran, congressional Democrats found that the working Americans whose taxes would fund those appropriations have spent $8.4 billion that otherwise co...
Senate Democrats Estimate Iran War Cost Americans $8.4B In Gas Prices
Source: Smith Collection/Gado / Getty The economic impact of the ongoing war in Iran was felt almost immediately across the world. Gas prices shot up globally within days of the first missile strikes and have yet to come down. In fact, the Joint Economic Committee’s Democratic minority estimates that the Iran war has cost U.S. citizens an additional $8.4 billion at the gas station. According to CBS News, the estimate is based on AAA’s tracking …
NH motorists have paid $38 million more for gas since Iran war began, Sen. Maggie Hassan says
Congress should suspend the federal gas tax to help American families who have already paid $8.4 billion more at the pump since the U.S. and Israeli attacks against Iran began last month, U.S. Sen. Maggie Hassan, D-N.H., said Thursday.
How the Iran war adds to the U.S. K-shaped economy through higher gas prices
The conflict in the Middle East has sent gasoline prices in the U.S. soaring to their highest level in four years. That’s bad news for everybody, but the domestic consequences of the war are likely to ripple unevenly, and in the process undermine one of the country’s primary engines of economic growth. Iran’s effective blockade of the Strait of Hormuz has starved the global economy of around 20% of the oil supply it is accustomed to, and America…
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