The United States has been hit hardest by rising fuel costs resulting from the global oil crisis surrounding the Strait of Hormuz.
Since the United States and Israel launched attacks on Iran in late February, rising gasoline and diesel prices have cost consumers worldwide an additional $468 billion. The United States has borne the largest share of the additional costs, with its fuel bill increasing by $160 billion, or roughly one-third of the global total.
According to Reuters, China ranked second, with an additional $54 billion in fuel costs, followed by Canada at $17 billion.
Despite being the world’s largest oil producer, the United States has seen fuel price increases add an average of $471 in costs per capita. This is nearly eight times the global average of $60. Canada and Australia followed, with additional per-capita fuel costs of $422 and $386, respectively.
Although fuel prices in the United States have risen at a rate comparable to those in other market economies, the impact has been amplified by high per-capita fuel consumption and relatively limited progress in reducing dependence on oil.
Since March, drivers of gasoline-powered vehicles in the United States have spent an average of $440 more on fuel. By comparison, the increase in charging costs for electric vehicle owners has amounted to just $17.
During the first eight months of this year, electric vehicles accounted for 7.3% of new car sales in the United States, down 3 percentage points from the same period last year. The corresponding shares were 57% in China, 32% in the European Union and 98% in Norway.
Countries that have reduced fuel consumption since 2023 have also been able to limit the impact of rising costs. Lower consumption has helped China save approximately $10.8 billion, Germany $3.7 billion and the United States $5.7 billion.
Image: Reuters