Donald Trump · Iran · China · Canada · Fortune Technology
The Trump admin said energy costs were a small price to pay in Iran war
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The Iran war continues to weigh on Americans’ wallets, and it’s costing them more in increased fuel costs than consumers in any other country in the world, new data finds.
Key facts
- As a country, the U.S. has spent $160 billion total on increased fuel costs since the beginning of the war, with China following at $54 billion, and Canada coming in third at $17 billion
- The Trump administration ended a $7,500 tax credit on new EVs in September 2025 it claimed would devastate the auto industry
- It’s a inexpensive price to pay for what we’ve done,” Trump said last month of fuel costs, which have now topped $4.26 per gallon, up from $2.98 before the war
- In Denmark, for example, EVs made up 81% of new-vehicle sales in the first eight months of 2026
Summary
U.S. consumers have paid an average of $471 more in fuel prices since the beginning of the Iran war in February, according to a report published on Monday by Finland-based nonprofit research institute Centre for Research on Energy and Clean Air (CREA). The Iran war has cost U.S. households about $2,000, according to Mark Zandi, chief economist at Moody’s Analytics, a sum that includes both soaring prices at the gas pump as well as increased airfares and inflation because of increased transportation expenses and supply-chain shuffles over the last seven months of Middle East turmoil. Trump has repeatedly tried to assuage Americans’ anxieties about increased costs associated with the war.