Washington D.C — Recent analysis shows that Americans have been swindled out of nearly $450 per household since Republicans started their unnecessary war in Iran. That figure could balloon to nearly $2,000 per household by the end of the year if Republicans continue waging their war. Now, many are being forced to dip into savings or take on additional debt just to get by. This analysis comes as reports indicate that Iran will completely block the Strait of Hormuz, indicating that gas prices will continue to skyrocket.
“President Trump and congressional Republicans are taking an axe to Americans’ finances every day that their unnecessary war in Iran continues,” said Unrig Our Economy Campaign Director Leor Tal. “Congressional Republicans were already putting immense strain on Americans’ finances due to cutting Medicaid and SNAP, voting for tariffs, and ending ACA tax credits. Now, as this latest analysis shows, their war in Iran is pushing people to their breaking point. Working families want their members of Congress to fight for lower costs, not another war in the Middle East.”
CNBC: Iran war cost: Average U.S. household paying $450 more on gas and energy.
Key Points:
- Americans have spent nearly $450 extra per household on rising energy costs during the Iran war, according to an analysis shared exclusively with CNBC’s Steve Liesman.
- That’s cumulatively cost American consumers nearly $60 billion as gas prices and airline fares have surged.
- Higher energy costs can force consumers to raid their savings and lean more on debt to cover expenses.
- If prices stay at current levels, the average household could take a hit of almost $2,000 at the one-year mark of the war.
- Roughly half of the increased energy spending so far comes from higher gasoline prices. The average unleaded gallon in the U.S. cost about $4.39 on Friday, up more than 47% since the start of March, according to AAA.
- Goldman Sachs said it expects higher energy prices to “erode” consumers’ spending power through the rest of 2026. It should specifically hamper lower-income households that spend a larger percentage of budgets on food and energy, the bank said.
- The personal savings rate fell to 2.6% in April, one of the lowest readings since the global financial crisis.
- American credit card debt came in at $1.25 trillion in the first quarter, up close to 6% from a year ago, the New York Federal Reserve said this month. That’s near the all-time record set at the end of 2025.
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.