{"id":44213,"date":"2026-05-29T17:57:13","date_gmt":"2026-05-29T17:57:13","guid":{"rendered":"https:\/\/financialrush.com\/?p=44213"},"modified":"2026-05-29T17:57:13","modified_gmt":"2026-05-29T17:57:13","slug":"american-households-pay-more-as-energy-costs-rise-due-to-iran-war-data-shows","status":"publish","type":"post","link":"https:\/\/financialrush.com\/?p=44213","title":{"rendered":"American households pay more as energy costs rise due to Iran War, data shows"},"content":{"rendered":"<p> \n<\/p>\n<div id=\"RegularArticle-ArticleBody-5\" data-module=\"ArticleBody\" data-test=\"articleBody-2\" data-analytics=\"RegularArticle-articleBody-5-2\"><span class=\"HighlightShare-hidden\" style=\"top:0;left:0\"\/><\/p>\n<div role=\"region\" aria-labelledby=\"Placeholder-ArticleBody-Video-108313764\">\n<div role=\"button\" tabindex=\"0\" id=\"Placeholder-ArticleBody-Video-108313764\" class=\"PlaceHolder-wrapper\" data-vilynx-id=\"7000414385\" data-test=\"VideoPlaceHolder\">\n<div class=\"InlineVideo-videoEmbed\" id=\"InlineVideo-0\" data-test=\"InlineVideo\">\n<div class=\"InlineVideo-wrapper\">\n<div class=\"InlineVideo-inlineThumbnailContainer\"><span class=\"InlineVideo-videoButton\"\/><span\/><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"group\">\n<p>Americans have spent nearly $450 extra per household on rising <a href=\"https:\/\/www.cnbc.com\/energy\/\">energy<\/a> costs during the <a href=\"https:\/\/www.cnbc.com\/2026\/05\/29\/trump-iran-deal-hormuz-nuclear-war.html\">Iran War<\/a>, according to an analysis shared exclusively with CNBC\u2019s Steve Liesman.<\/p>\n<p>The average household has shelled out $447.19 for additional fuel-related expenses since the conflict began, data from <a href=\"https:\/\/www.cnbc.com\/video\/2026\/05\/04\/moodyas-analytics-oil-at-125barrel-for-sustained-period-will-push-the-world-into-a-recession.html\">Moody\u2019s Analytics<\/a> found. That\u2019s cumulatively cost American consumers nearly $60 billion as gas prices and airline fares surge.<\/p>\n<p>Moody\u2019s data puts a dollar amount on a portion of the economic pain Americans are feeling as the U.S.-Iran war reaches its three-month mark. Higher energy costs can force consumers to raid their savings and lean more on debt to cover expenses.<\/p>\n<p>\u201cUnless the war ends soon, financially pressed consumers will have no option but to turn more cautious in their spending, threatening the already soft economy,\u201d said <a href=\"https:\/\/www.cnbc.com\/video\/2026\/05\/28\/cant-cut-interest-rates-in-the-current-economic-context-says-moodys-mark-zandi.html\">Mark Zandi<\/a>, Moody\u2019s chief economist.<\/p>\n<\/div>\n<div class=\"group\">\n<p>If prices stay at current levels, the average household could take a hit of almost $2,000 at the one-year mark of the war, Zandi said.<\/p>\n<p>Roughly half of the increased energy spending so far comes from higher <a href=\"https:\/\/www.cnbc.com\/2026\/05\/22\/gas-price-iran-war-strait-hormuz-memorial-day.html\">gasoline<\/a> prices. The average unleaded gallon in the U.S. cost about $4.39 on Friday, up more than 47% since the start of March, according to <a href=\"https:\/\/gasprices.aaa.com\/\" target=\"_blank\">AAA<\/a>.<\/p>\n<p>Pricier diesel, which is used in vehicles like delivery trucks and boats, has resulted in more than $20 billion in additional expenses for consumers. The price of diesel has similarly jumped roughly 47% since March began to around $5.52 a gallon, per AAA.<\/p>\n<p>Consumers have given up nearly $10 billion extra as a result of rising costs for jet fuel. Airline fares climbed <a href=\"https:\/\/www.cnbc.com\/2026\/05\/23\/memorial-day-weekend-prices-inflation-war.html\">more than 20%<\/a> in April compared with 12 months ago, federal government inflation data shows.<\/p>\n<\/div>\n<div class=\"group\">\n<p>That nearly $450 impact more than erased the boost of $384 per household from bigger tax returns this year under President <a href=\"https:\/\/www.cnbc.com\/donald-trump\/\">Donald Trump<\/a>\u2018s <a href=\"https:\/\/www.cnbc.com\/2025\/07\/20\/trump-big-beautiful-bill-2025-tax-changes.html\">\u201cbig, beautiful bill,\u201d<\/a> according to Moody\u2019s. Most of the benefits from larger tax cuts have already been exhausted, Zandi said.<\/p>\n<p>Goldman Sachs said it expects higher energy prices to \u201cerode\u201d consumers\u2019 spending power through the rest of 2026. It should specifically hamper lower-income households that spend a larger percentage of budgets on food and energy, the bank said.<\/p>\n<p><span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-10\"><a href=\"https:\/\/www.cnbc.com\/quotes\/COST\/\">Costco<\/a><span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"\/><\/button><\/span><\/span><\/span> saw <a href=\"https:\/\/www.cnbc.com\/2026\/05\/28\/costco-cost-q3-2026-earnings.html\">\u201crecord-breaking\u201d gas volumes<\/a> at the end of its fiscal quarter as drivers sought out its lower-priced fuel, the wholesaler said Thursday. <span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-12\"><a href=\"https:\/\/www.cnbc.com\/quotes\/MCD\/\">McDonald\u2019s<\/a><span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"\/><\/button><\/span><\/span><\/span> CEO Chris Kempczinski <a href=\"https:\/\/www.cnbc.com\/2026\/05\/07\/mcdonalds-mcd-q1-2026-earnings.html\">warned this month<\/a> that consumer spending \u2014 specifically among lower-income cohorts \u2014 \u201cmay be getting a little bit worse\u201d as energy prices pinch pocketbooks.<\/p>\n<\/div>\n<h2 id=\"turning-to-savings-debt\" class=\"ArticleBody-subtitle\"><a id=\"headline0\"\/>Turning to savings, debt<\/h2>\n<div class=\"group\">\n<p>Consumer spending rose 0.5% from March to April, according to <a href=\"https:\/\/www.cnbc.com\/2026\/05\/28\/core-inflation-hit-an-annual-rate-of-3point3percent-in-april-as-expected-feds-preferred-gauge-shows-.html\">government figures released Thursday<\/a>. But other data points show that isn\u2019t necessarily coming from discretionary funds.<\/p>\n<p>Income growth came in flat for April, missing the consensus forecast among economists for a 0.4% increase.<\/p>\n<p>The personal savings rate fell to 2.6% in April, one of the lowest readings since the global financial crisis. It\u2019s far off highs seen in 2020 above 31%, signaling that consumers have continued to spend through pandemic stimulus and rainy-day stashes amid inflationary pressures.<\/p>\n<p>American credit card debt came in at $1.25 trillion in the first quarter, up close to 6% from a year ago, the <a href=\"https:\/\/www.cnbc.com\/2026\/05\/12\/new-york-fed-credit-card-debt-stands-at-1point25-trillion.html\">New York Federal Reserve<\/a> said this month. That\u2019s near the <a href=\"https:\/\/www.cnbc.com\/2026\/02\/10\/new-york-fed-credit-card-debt-tops-1point28-trillion.html\">all-time record<\/a> set at the end of 2025.<\/p>\n<p>\u201cConsumers are increasingly facing an income squeeze, which is forcing them to use savings, credit and wealth to sustain their spending patterns,\u201d said Gregory Daco, chief economist at EY-Parthenon. \u201cWhat we\u2019re seeing is, essentially, the use of savings to offset weak income growth.\u201d<\/p>\n<p><em>\u2014CNBC\u2019s Steve Liesman and Betsy Spring contributed to this report.<\/em><\/p>\n<\/div>\n<div class=\"ArticleBody-googlePreferredSourceContainer\" data-module=\"GooglePreferredSource\" data-id=\"RegularArticle-GooglePreferredSource-5\"><a href=\"https:\/\/www.google.com\/preferences\/source?q=https:\/\/www.cnbc.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.<\/a><\/div>\n<\/div>\n\n<br \/><a href=\"https:\/\/www.cnbc.com\/2026\/05\/29\/energy-costs-inflation-iran-war-trump.html\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Americans have spent nearly $450 extra per household on rising energy costs during the Iran War, according to&hellip;\n","protected":false},"author":4,"featured_media":44214,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[],"class_list":["post-44213","post","type-post","status-publish","format-standard","has-post-thumbnail","category-markets","cs-entry","cs-video-wrap"],"_links":{"self":[{"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/posts\/44213","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=44213"}],"version-history":[{"count":0,"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/posts\/44213\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/media\/44214"}],"wp:attachment":[{"href":"https:\/\/financialrush.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=44213"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=44213"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=44213"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}