Higher gasoline and diesel prices added an estimated $160 billion to the US fuel bill after the disruption of trade through the Strait of Hormuz, according to an October 26 analysis by the Centre for Research on Energy and Clean Air (CREA).
The estimate compares pump prices before the disruption, in January and February, with prices from March onward. CREA puts the worldwide increase at $468 billion, making the US share roughly one-third. Reuters reported that the analysis covers the period from the beginning of March to mid-October. CREA is a nonprofit that supports efforts to move away from fossil fuels.
CREA’s $471-per-person US figure spreads the national estimate across the population. Its separate estimate of $440 for a typical gasoline-car driver assumes average mileage and fuel consumption. Neither number describes a charge that every person or driver paid.
The underlying volume data also vary by country. CREA uses 2026 consumption indicators for the US, China and European countries, with estimates for months not yet available, while other countries use 2023 consumption levels. The totals depend on those assumptions and the pre-disruption price benchmark.
Why US production does not isolate pump prices
The US can produce substantial amounts of fuel and still face price pressure from shortages abroad. The Energy Information Administration explained in September that reduced distillate production in Russia, China and the Middle East had raised international prices, increased US diesel export demand and made imports more expensive.
EIA also identified crude oil prices, refinery margins, distribution, retail margins and taxes as components of diesel prices. Domestic output is one part of that system; fuel also moves through international trade.
For households comparing the study with their own spending, mileage, vehicle efficiency and local pump prices determine how close they come to its averages. Diesel costs can also reach people who do not drive diesel vehicles through freight charges. EIA notes that the fuel is used in agriculture and, seasonally, home heating in the Northeast.
