U.S. drivers have spent an estimated $33 billion more on gasoline since February
A Brown University estimate and NBC News analysis indicate that average U.S. gas prices have risen 34% since the conflict began, adding up to $33 billion in extra spending for American motorists.
Americans have incurred roughly $33 billion in additional gasoline costs since the conflict in Iran began in late February, according to a Brown University estimate cited by NBC News. The analysis, which uses AAA’s average national gas price data, finds that drivers who fill up twice a month have paid anywhere from $20 to more than $300 extra per month.
Nationally, average gasoline prices have climbed 34% since Feb. 28, reaching $4.63 per gallon in the week of May 11, the tenth-highest weekly average in the past decade, based on U.S. Energy Information Administration data. Prices rose above $4 per gallon for the first time since 2022, when the Russia-Ukraine war triggered similar spikes.
Consumer behavior appears to be adjusting. A study by location-analytics firm Placer.ai reported a 5% decline in U.S. gas-station visits in May compared with the same month a year earlier. The Federal Reserve Bank of New York noted that households expect to allocate more of their spending to transportation and utilities over the next year, while cutting back on vacations, housing and electronics.
State-level data show the greatest price increases in Wyoming, where gasoline costs have risen more than 50% since February to an average of $4.70 per gallon. Utah and Wisconsin have also seen price gains of at least 50%, while Indiana’s prices have risen modestly, up 57 cents since February.
