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An analysis by the Centre for Research on Energy and Clean Air (CREA) found that the United States has absorbed more of the fuel cost increase from the global oil shock tied to the Strait of Hormuz than any other country.

The study estimated that rising petrol and diesel prices since attacks on Iran began in late February have added $468 billion in costs for consumers worldwide, with the US accounting for about a third of that total.

Lower consumption limits the damage

Countries that have cut fuel use since 2023 were able to contain the increase in costs. Reduced consumption saved China about $10.8 billion and Germany $3.7 billion, the analysis said. Savings in the US amounted to $5.7 billion.

Key takeaways

• Fuel price rises since late February have cost consumers worldwide an extra $468 billion, CREA estimates.
• The US absorbed $160 billion of that total, about one third of the global figure.
• Per-person extra costs hit $471 in the US versus a $60 global average; China followed the US in total costs at $54 billion.
• A typical US petrol driver spent $440 more on fuel since March, compared with $17 more in charging costs for EV users.