What happened
Americans have spent over $100 billion in extra fuel costs since the Iran war began, according to a study by Brown University's Climate Solutions Lab.
The study compared actual retail fuel prices since the war started on February 28 with estimated prices without the conflict, using data from AAA and the U.S. Energy Information Administration.
The results showed that U.S. consumers spent an additional $107 billion on gasoline and diesel, with $59 billion of that being for gasoline and $48 billion for diesel.
This translates to an average of over $750 per household in extra fuel costs, even before the recent surge in oil and diesel prices.
The high fuel costs are putting a strain on household budgets, with the personal saving rate at just 3% in July and Americans saving at an annualized rate of $712 billion.
Oil markets are also facing pressure due to disruptions in the Middle East, which has led to restricted supplies and higher prices.
The national diesel average has reached an all-time high of $6.23 per gallon, according to AAA, which can have indirect effects on consumers through transportation and production costs.
