Americans have spent more than $150 billion extra on gasoline and diesel since the war against Iran began, compared with the same period last year, according to a study from Brown University cited by CleanTechnica. The increase comes as global oil prices have risen amid supply disruptions, including those linked to Iran, which the article describes as holding some of the world’s largest oil reserves.
The article says gasoline prices in the United States have reached more than $6 a gallon, even though U.S. oil companies’ supply chains have not faced the same disruption as crude supplies from the Middle East. It argues that higher prices have brought substantial gains for oil companies: citing the New York Times, it reports that U.S. oil and gas firms earned more than $130 billion in profit from April through September, nearly three times their earnings a year earlier.
The article also cites an estimated $50 billion in direct U.S. taxpayer spending on the war, alongside further economic costs from inflation linked to higher energy prices. It notes that the president has said the aim of the conflict is to prevent Iran from obtaining a nuclear weapon, and says the figures do not establish that the war was fought on behalf of the oil industry.
The article points to rising fuel costs as a factor accelerating moves away from oil in other countries. Its account says global oil demand is on track to fall by 2–3 million barrels a day this year, which would be the first decline not driven by a recession or pandemic. It also cites falling gasoline-car sales and a record electric-vehicle share in China in September, alongside electrification efforts in Europe, Australia and Africa.
Sources: CleanTechnica.