{"text":[[{"start":8.5,"text":"Americans have spent more than $40bn extra on fuel since the start of Donald Trump’s war in Iran, according to new research, enough to repair the country’s bridge network or overhaul its air traffic control system. "}],[{"start":21.55,"text":"Brown University’s Watson School of International and Public Affairs estimates the conflict’s hit to consumers from higher petrol and diesel prices was $41.5bn as of Sunday night — or $316 per US household."}],[{"start":37.650000000000006,"text":"“We are spending this huge amount of money as a country on extra fuel costs, which we could have used in a whole bunch of more constructive ways to improve America’s transportation infrastructure — which, frankly, could use the love,” said Jeff Colgan, a political-science professor at Brown. "}],[{"start":53.35000000000001,"text":"The fallout from the Iran war has ripped across the world’s biggest economy, driving inflation to its highest level since Russia’s invasion of Ukraine and creating a growing political problem for Trump. "}],[{"start":64.60000000000001,"text":"Higher prices at the pump have not only taken a toll on motorists but have also pushed up the cost of everything from groceries to airfares as escalating fuel costs feed through to other sectors. "}],[{"start":76.4,"text":"The Brown report comes just as many Americans prepare to travel across the country during the summer driving season, which kicks off next week, sending petrol demand to its annual peak. "}],[{"start":87.7,"text":"The $41.5bn additional fuel outlay exceeds the entire $40bn federal Bridge Investment Program to restore major crossings, the $31.5bn cost of completely redoing the US air traffic control system, or fully funding the now-defunct $18.9bn federal Electric Vehicle Charging and Electrification programmes proposed by Joe Biden."}],[{"start":111.75,"text":"“We could have been building the transportation infrastructure of the future if we weren’t wasting it on higher fuel costs associated with a war that Americans mostly don’t want,” said Colgan. "}],[{"start":122.2,"text":"The Strait of Hormuz, through which a fifth of global oil supply normally flows, has been largely closed since the Iran conflict began in late February. The supply crunch has pushed up Brent crude, the international benchmark, by more than half to about $110 a barrel. "}],[{"start":139.35,"text":"US petrol prices have jumped 51 per cent to reach $4.51 a gallon on Sunday, according to the AAA, the sharpest rise of any G7 nation. Diesel has surged 54 per cent to $5.65/g, near record levels."}],[{"start":156.25,"text":"The higher fuel prices have sent a torrent of inflation coursing through the economy as input costs for producing and transporting goods rise. Consumer prices increased at their fastest pace in three years in April, while wholesale prices rose at the quickest rate since 2022."}],[{"start":172.8,"text":"The inflationary burst has also driven up the cost of debt. The US Treasury last week issued 30-year bonds at a 5 per cent yield for the first time since 2007 amid investor concerns over the bout of higher price growth. "}],[{"start":186.45000000000002,"text":"Surveys indicate the war is not popular among US voters and has dented Trump’s popularity, which now sits near record lows. A recent FT poll found 58 per cent of Americans disapproved of his handling of the cost of living. "}],[{"start":200.65,"text":"In an effort to temper the energy shock, the Trump administration has released record volumes of oil from the US Strategic Petroleum Reserve, eased restrictions on shipping and environmental regulations on fuel, and proposed suspending federal taxes on petrol and diesel. "}],[{"start":217.95000000000002,"text":"But the president caused a stir last week when he said the domestic inflationary burst was not motivating him to end the war “even a little bit”."}],[{"start":228.3,"text":"“I don’t think about Americans’ financial situation,” he told journalists on Tuesday. “I don’t think about anybody. I think about one thing — we cannot let Iran have a nuclear weapon. That’s all.”"}],[{"start":246.20000000000002,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1779086912_3560.mp3"}