US Consumers Pay $100 Billion More For Fuel

US consumers have paid an estimated $100 billion more for gasoline and diesel since the war with Iran began, according to an energy cost tracker developed by Brown University.

The additional cost was estimated on September 7 using Brown's Iran War Energy Cost Tracker, developed by the Climate Solutions Lab at the Watson School of International and Public Affairs.

The tracker calculates how much Americans have paid above an estimated "no-war" fuel price trajectory since the conflict began on February 28.

At the current rate, the additional fuel bill is increasing by approximately $1 million every two minutes.

Based on an estimated 131 million US households, the extra expense works out to about $763 per household.

Fuel prices have climbed sharply as the conflict has disrupted energy supplies and raised concerns about shipping through the Strait of Hormuz, one of the world's most important oil transit routes.

Around 20 percent of global oil supplies normally pass through the strategic waterway. Iran has said the strait will remain closed until its conditions for reopening are satisfied.

The United States disputes Iran's position, arguing that the Strait of Hormuz is an international waterway and that Tehran does not have the authority to determine who can pass through it. Reuters reporting has described tanker traffic through the strait as largely halted.

Higher fuel prices have added to pressure on American motorists. Last month, US President Donald Trump called on Americans to accept increased gasoline costs, arguing that paying somewhat more at the pump was worthwhile if it helped prevent Iran from acquiring a nuclear weapon.

The impact has been particularly severe in some states.

The US national average gasoline price reached about $4.15 a gallon on September 7, according to figures cited by Brown's tracker, making it a record for the Labor Day weekend.

California recorded an average of roughly $5.86 a gallon, while Hawaii's average stood at about $5.39.

With the conflict continuing and disruptions affecting the global oil market, the tracker's estimate of the additional cost to American consumers is expected to continue rising.