U.S. Household Spending from the War with Iran Reaches $1,760 per Family
American households have spent an additional $1,760 per family since the start of the U.S.-Iran conflict. The war’s energy burden is estimated at $115 billion, and military spending at $38 billion.
Sources
· 6Расходы домохозяйств США из-за войны с Ираном достигли $1760 на семью
1Война с Ираном обошлась в $38 млрд и истощила две трети перехватчиков ПРО США — CBO
2Война с Ираном добавила $115 млрд к энергозатратам США — экономист Moody's
3Американские домохозяйства переплатили $763 за топливо за полгода войны с Ираном
4Война с Ираном добавила $330 млрд к мировому счету за импорт энергии
5Пентагон заявил, что война с Ираном обошлась в $37,5 млрд
6Key points
- U.S. household spending has risen by about $1,760 per family since the conflict began, driven by higher energy costs and rising interest rates.
- Moody’s Analytics chief economist Mark Zandi estimated the additional U.S. energy costs at $115 billion, or about $860 per household.
- U.S. military spending on operations against Iran reached about $38 billion as of August 1, according to the CBO.
- The average U.S. gasoline price exceeded $4.32 per gallon, 36% higher than a year earlier.
What happened
U.S. household spending has risen by about $1,760 per family since the start of the U.S.-Iran conflict, driven by higher energy costs and rising interest rates. The price of oil exceeded $105 per barrel, and the average U.S. gasoline price was $4.32 per gallon, 36% above last year’s level. The Congressional Budget Office estimates military spending on operations against Iran at about $38 billion as of August 1. Moody’s Analytics chief economist Mark Zandi added that the conflict led to $115 billion in additional U.S. energy costs, or about $860 per household.
Why it matters
He warned that gasoline could rise to $4.50 per gallon if oil approaches $100. The yield on 10-year U.S. Treasury notes reached a 19-year high, and the Federal Reserve is on the verge of raising interest rates as energy costs affect inflation expectations.
What changed
Earlier, the Watson Institute at Brown University estimated Americans’ additional spending on gasoline and diesel over six months of war at $100 billion, or about $763 per household. According to the Watson Institute, gasoline prices previously reached $4.15 per gallon and have now exceeded $4.32.
Previously
- Over six months of war, Americans overpaid $100 billion for gasoline and diesel fuel, or about $763 per household.
- The war increased global spending on oil and gas imports by $330 billion from March to August, according to CREA.
- The Pentagon estimated the cost of the war in Iran at $37.5 billion, including $70 billion in the next year’s budget request.
Related original articles
- 4h agoРасходы домохозяйств США из-за войны с Ираном достигли $1760 на семьюCNBC Technology
- 21h agoВойна с Ираном обошлась в $38 млрд и истощила две трети перехватчиков ПРО США — CBODefense News
- 2d agoВойна с Ираном добавила $115 млрд к энергозатратам США — экономист Moody'sYahoo Finance