Study: United States most affected by rising fuel costs linked to Hormuz crisis

The Centre for Research on Energy and Clean Air (CREA) revealed that the United States is the most affected by rising fuel costs resulting from the oil crisis linked to tensions in the Strait of Hormuz, with its additional bill reaching $160 billion out of $468 billion incurred by consumers worldwide since the start of US and Israeli attacks on Iran.

The Centre for Research on Energy and Clean Air in Finland (CREA) revealed that the United States is the country most affected by rising fuel costs resulting from the global oil shock linked to tensions in the Strait of Hormuz. In an analysis published yesterday, Monday, on the impact of the Iran war on global fuel costs, the centre stated that rising gasoline and diesel prices have imposed an additional cost of $468 billion on consumers worldwide since the start of US and Israeli attacks on Iran in late February. The crisis added $160 billion to the US fuel bill, equivalent to about a third of the global additional cost. China came second with an additional cost of $54 billion, followed by Canada with $17 billion. On a per capita basis, the additional cost in the US was $471 per person, despite it being the world's largest oil producer, roughly eight times the global average of $60. Canada recorded the second highest per capita additional cost at $422, followed by Australia at $386. The centre noted that the rise in fuel prices in the US was similar to levels recorded in other market economies, but indicated that the impact was greater due to high per capita fuel consumption and limited progress in reducing oil dependence.