ICYMI: CNBC: Iran War Cost: Average U.S. Household Paying $450 More On Gas and Energy

Moody’s Analytics found that American households will spend $2,000 more if prices remain the same at the one-year mark of Trump’s war of choice in Iran

In April, a key inflation measure increased to the highest level in three years 

Washington, DC – New analysis from Moody’s Analytics shows that Americans have spent almost $450 extra per household on already-skyrocketing energy costs thanks to Donald Trump’s war of choice in Iran. Trump has made it clear that American families shouldn’t expect relief any time soon, insisting that he couldn’t care less about Americans’ financial situation, even as his approval ratings have dropped to record lows. 

While Trump may not care about anyone but himself, congressional Republicans are scrambling to save their own political futures this November by insisting that skyrocketing energy costs are a “short-term” problem. While three months of soaring prices at the pump might be “short-term” for Trump and Congressional Republicans, every American who is choosing between filling up their tank and keeping the lights on is facing a very different reality. 

CNBC: Iran war cost: Average U.S. household paying $450 more on gas and energy

Americans have spent nearly $450 extra per household on rising energy costs during the Iran war, according to an analysis shared exclusively with CNBC’s Steve Liesman.

The average household has shelled out $447.19 for additional fuel-related expenses since the conflict began on Feb. 28, data from Moody’s Analytics found. That’s cumulatively cost American consumers nearly $60 billion as gas prices and airline fares have surged.

Moody’s data puts a dollar amount on a portion of the economic pain Americans are feeling as the war reaches its three-month mark. Higher energy costs can force consumers to raid their savings and lean more on debt to cover expenses.

“Unless the war ends soon, financially pressed consumers will have no option but to turn more cautious in their spending, threatening the already soft economy,” said Mark Zandi, Moody’s chief economist.

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…