Americans Hit Hardest by War-Driven Oil Price Surge
US Crude Oil Inventories Buck Analyst Expectations What I Cover Irina Slav has been writing about global energy markets since 2007, covering the oil and gas industry, energy security, commodities, and the… Americans are paying the biggest portion of global energy price inflation resulting from the war in the Middle East, a Finnish energy and climate outlet hasreported.
Estimating the global total in fuel inflation at $468 billion, the Centre for Research on Energy and Clean Air said the U.S.
portion of this total stood at $160 billion.
On a per-capita basis, Americans are also paying the most, CREA also said, estimating their additional costs at $471 per person, while the global total has been estimated at an average of $60.
The fact that this is an average per-capita additional fuel cost could be misleading: comparing a global average to a national average is not, strictly speaking, a fair comparison.
What is more, CREA is comparing fuel costs specifically, but the war between the United States, Israel, and Iran has also affected electricity costs—and other countries have fared inarguably worse than the U.S.
because of their reliance on imported gas and coal, while the U.S.
benefits from its position as the world’s largest natural gas producer.
Japan, for instance, one of the world’s most import-dependent nations in energy, has seen its electricity prices soar as a result of the war, and this month theyhit a record highacross the country because the government cut subsidies as it could no longer keep paying them.
European countries have also suffered a serious blow, with fuel prices across the European Union significantly higher than those in the United States.
Germans, for example, arepayingan average 2.30 euros per liter of diesel.
This translates into $9.73 per gallon—and there are a lot more diesel cars of European roads than there are in the United States.Related: US Crude Oil Inventories Buck Analyst Expectations The Finnish Centre for Research on Energy and Clean Air blamed the high cost for Americans on their driving habit.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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