Higher Oil Prices Have Cost U.S. Consumers $45 Billion Since Iran War Began

As U. S. drivers face the highest Memorial Day gasoline prices in four years, American consumers are paying billions of dollars more on gas and diesel than they did a year ago.

The global oil supply shock, created by the Iran war and the closure of the Strait of Hormuz, is affecting Americans disproportionately. The lower-income households are being hit the most as their purchasing power is being eroded by $45 billion in extra costs on fuel compared to a year ago.