Americans Hit Hardest by War-Driven Oil Price Surge

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 has reported. 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. S. 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 they hit a record high across 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. 30 euros per liter of diesel. 73 per gallonand 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.

"This [the financial hit] is because of America's exceptional oil consumption due to high reliance on inefficient, oil-burning private vehicles and a slow transition away from petrol and diesel leaving households, truckers and farmers particularly exposed to global fuel market shocks," the outlet wrote. Again, we have European countries as a counterpoint. EV sales in Europe have been surging this year in response to the fuel price surge.