Iran war energy costs squeeze average U.S. household by nearly $2,000
Moody's Analytics economist Mark Zandi estimates the Iran conflict has added nearly $2,000 in costs per household over eight months, with energy prices making up over half. He puts the broader economic toll at about $265 billion.
By Standard Topic. AI-generated from the reporting listed under Coverage. Published . Updated .
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What happened
Moody's Analytics Chief Economist Mark Zandi says the Iran war has cost the average U.S. household nearly $2,000 over the past eight months. Surging energy prices account for more than half of that burden. Zandi puts the total hit to the U.S. economy at roughly $265 billion.
Why it matters
Rising gas prices are spreading beyond commuters, raising the cost of transporting goods and adding pressure to households and businesses. Consumers bear the diffuse costs of war-driven oil price spikes.
Timeline
- Oct 13, 2:43 PM ET: Moody's Analytics Chief Economist Mark Zandi estimates the Iran war has cost the average U.S. household nearly $2,000 over eight months, with energy prices making up more than half.
- Oct 14, 11:09 AM ET: High gas prices are reported to be pushing up the cost of transporting goods and adding pressure to households and businesses.
Coverage
- Opinion | War-Caused Oil Price Spikes Don’t Help the U.S. Economy (WSJ)
- Rising gas prices ripple through economy, squeezing businesses and consumers (bakersfieldnow.com)
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