Washington D.C — A new, real-time tracker from Brown University estimates that Americans have lost $100 billion to increased energy costs due to the ongoing war in Iran. Earlier this year Republicans in Congress voted multiple times to continue the war. That amounts to around $776 per household lost thanks to this conflict. This report comes as millions continue to feel the pinch of rising costs on other essentials such as food and health care.
Thanks to cuts to Medicaid and SNAP from the Republican Tax Law, ongoing tariffs, and the end of ACA tax credits, Americans have lost roughly $3,800 per person under President Trump and Republicans in Congress.
“This latest resource from Brown University highlights how financially damaging the war in Iran has been for working families,” said Unrig Our Economy Campaign Director Leor Tal. “From the rising gas prices to the more expensive groceries to ballooning monthly health care premiums, working families are getting squeezed at every turn. Fundamentally, these policies are making it more and more difficult for the average American to have a fighting chance at supporting their families.”
Axios: Iran war drives $100 billion in extra energy costs for U.S. consumers
Key Points:
- The war in Iran has now cost U.S. consumers $100 billion in higher energy prices, and the bill is rising another $1 million about every two minutes, per a real-time estimate from Brown University as of Monday morning.
- Why it matters: Energy inflation shows up across the entire economy, and the recent surge in diesel prices in particular threatens to have a dramatic impact on freight and travel in the weeks and months to come.
- By the numbers: The Iran War Energy Cost Tracker from Brown’s Watson School says higher gasoline and diesel prices have cost the average U.S. household more than $760 since the war began Feb. 28.
- On Friday, diesel hit an all-time record high, and it’s continued to rise every day since. As of Monday morning it’s at $5.90 a gallon, per AAA, up about 60% from a year ago.
- What we’re watching: There’s still a great deal of uncertainty over how much oil is getting out of the Middle East, which will impact fuel prices in the coming weeks and months.
- The bottom line: Consumers are in for a longer period of higher fuel prices than anyone expected when the war began.
To learn more about the campaign, visit UnrigOurEconomy.com or contact press@unrigoureconomy.com
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About Unrig Our Economy
Unrig Our Economy is a national campaign to fix the rules of our economy to make it work for working people. We know that when the middle class does well, all of us do well — which is why we’re fighting on behalf of working Americans and holding corporations, their wealthy executives, and the politicians who enable them accountable.