US fuel prices surge 46% since Iran war, families face $73.5bn extra costs

Fuel prices in the United States have remained high for the fifth consecutive month, with the average price per gallon staying above $4 for 158 straight days, surpassing the previous record set in 2022.

According to Newsweek magazine, "With fierce competition in several key states, this new record comes less than three weeks before the midterm elections, which will determine control of Congress."

Figures from the American Automobile Association (AAA) show the national average fuel price reached $4.34 per gallon, up from $2.98 per gallon shortly before the Iran war began in late February.

This means fuel prices have risen by more than 46 percent since the war started, resulting in an additional cost of $73.5 billion, according to researchers at Brown University's Watson Institute for International and Public Affairs. This equates to an extra burden of $561.20 for every American household.

White House spokesperson Taylor Rogers told Newsweek, "President Trump remains committed to unleashing American energy dominance, lowering costs, and putting more money back in the pockets of hardworking American families."

Rogers added that the president wants to see fuel prices fall and continues to take historic measures to ease temporary disruptions, as oil supplies passing through the Strait of Hormuz begin to approach pre-conflict levels.

The magazine confirmed that "rising tensions in the Middle East have led to the recent spike in fuel prices, raising concerns about global oil supplies and pushing crude prices higher."