Iran war drives $100 billion in extra energy costs for U.S. consumers

The war in Iran has now cost U.S. consumers $100 billion in higher energy prices, and the bill is rising another $1 million about every two minutes, per a real-time estimate from Brown University as of Monday morning.

Why it matters : Energy inflation shows up across the entire economy, and the recent surge in diesel prices in particular threatens to have a dramatic impact on freight and travel in the weeks and months to come.

By the numbers : The Iran War Energy Cost Tracker from Brown's Watson School says higher gasoline and diesel prices have cost the average U.S. household more than $760 since the war began Feb.

28.

Most of that is gas, though the diesel burden is rising faster of late.

On Friday, diesel hit an all-time record high, and it's continued to rise every day since.

As of Monday morning it's at $5.90 a gallon, per AAA, up about 60% from a year ago.

Between the lines: Texas has borne the biggest share, with consumers paying around $11 billion in extra gas and diesel costs since the war began in late February, per the tracker.

California and Florida are next, at about $8 billion and $5 billion, respectively.

The big picture : President Trump insists Americans are willing to pay higher prices to keep Iran from having a nuclear weapon.

Yet voters consistently say inflation is their most important issue, and on that subject they give the president substantial negative marks .

What we're watching: There's still a great deal of uncertainty over how much oil is getting out of the Middle East, which will impact fuel prices in the coming weeks and months.

The war in Ukraine is also having a significant effect, as Ukrainian attacks on Russian energy infrastructure move global markets, particularly for diesel.

The bottom line: Consumers are in for a longer period of higher fuel prices than anyone expected when the war began.