An American household spent an average of $447.19. on additional fuel-related expenses since the beginning of the conflict in the Middle East, according to data from Moody's Analytics, cited by CNBC. This is the equivalent of over 1.6 thousand. zloty. In total, it cost American consumers almost $60 billion. due to the increase in gasoline and airline ticket prices.
Moody's data quantifies some of the economic losses Americans are feeling as a result of the U.S.-Iran war, which is now in its third month.
Higher energy costs may force consumers to dip into savings and take on more debt to cover expenses.
“If the war does not end soon, financially distressed consumers will have no choice but to spend more carefully, which will threaten an already weak economy,” said Mark Zandi, chief economist at Moody's.
See also: Trump supports suspending the fuel tax
The war with Iran is draining wallets. This is how much the “average Joe” will pay extra for energy
If prices remain at current levels, the average household could lose almost $2,000. within a year of the start of the war (i.e. from February 28, 2026).
About half of the increases in energy spending so far are due to higher gasoline prices. According to AAA (American Automobile Association), a gallon (approx. 3.8 liters) of unleaded gasoline in the US cost on Friday on average $4.39, which means an increase of over 47%. since the beginning of March.
As a result of rising jet fuel costs alone, consumers lost almost $10 billion. Airline ticket prices rose more than 20 percent year-over-year in April, federal government inflation data shows.
See also: The huge problem of Donald Trump's flagship project. “Zero dollars deposited”
Higher energy prices are eroding Americans' purchasing power
Goldman Sachs expects higher energy prices to “weaken” consumers' purchasing power by the end of 2026. This could make life especially difficult for lower-income households that spend a larger share of their budget on food and energy.
Consumers are increasingly forced to use savings and loans to maintain their current spending patterns, said Gregory Daco, chief economist at EY-Parthenon. “We are basically seeing savings being used to compensate for weak income growth,” he added.
Source: CNBC
