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New from me: The US has faced a higher cost than any other country from the global Hormuz oil shock, with the crisis adding $160 billion to its fuel bill — or $471 per person on average — despite being the world’s largest oil producer.

This 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.

Other economies with high ownership and use of private cars, such as Canada and Australia, have also faced high costs per person.

The typical gasoline car driver has paid $440 more since the crisis began. US drivers that have managed to make the switch to EVs are now reaping the benefits, experiencing only an increase of $17 in charging costs since the beginning of March.

Why can’t the US isolate itself from global fuel prices, despite being a major exporter? The country produces more diesel than it needs, and has to needs the market to absorb the surplus in order to produce enough other fuels for the domestic market and make refining profitable.

The increase in fuel prices isn't what makes the US stand out though: price increases there are similar to other market economies. The reason that per capita costs in the US are so high is the high consumption of fuels per person and lack of progress in reducing reliance on oil.

Globally, average diesel prices have reached a new all-time high, while gasoline prices matched the spike that followed Russia’s invasion of Ukraine in 2022. Diesel is typically up by a third, with prices up in 149 of 169 countries. Petrol is up by a fifth, rising in 148 of 170.