What the Iran war is costing US households
- The military conflict in Iran has cost U.S. households an estimated $100 billion, driven by a 35 percent surge in oil prices following the closure of the Strait of Hormuz.
- This financial burden amounts to roughly $750 per household since the conflict began in February, initiated by Donald Trump without congressional approval.
- The national average price for regular gasoline is $4.29 per gallon, with costs topping at $5 gallon in six states due to disrupted shipping lanes.
- Despite the White House dismissing concerns, a May survey found 53 percent of Americans believe the cost of living is the worst they can remember.
- Economists warn that mounting financial pressure and a low personal savings rate of 2.6 percent could force middle and lower-income families to reduce spending, further weighing on the economy.
