American households pay nearly $450 more on average for energy amid Iran War, data shows

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American households pay nearly $450 more on average for energy amid Iran War, data shows

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. …

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. The average household has shelled out $447.19 for additional fuel-related expenses since the conflict began, data from Moody's Analytics found. That's cumulatively cost American consumers nearly $60 billion as gas prices and airline fares surge. Moody's data puts a dollar amount on a portion of the economic pain Americans are feeling as the U.S.-Iran war reaches its three-month mark. Higher energy costs can force consumers to raid their savings and lean more on debt to cover expenses. "Unless the war ends soon, financially pressed consumers will have no option but to turn more cautious in their spending, threatening the already soft economy," said Mark Zandi , Moody's chief economist. 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, Zandi said. 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 . Pricier diesel, which is used in vehicles like delivery trucks and boats, has resulted in more than $20 billion in additional expenses for consumers. The price of diesel has similarly jumped roughly 47% since March began to around $5.52 a gallon, per AAA. …

Original source: CNBC Top News

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