Over $100 Billion Lost to Oil and Gas Price Spikes Amid Iran War: 350.org Warns of Global Economic Fallout

Just one month into the Iran war, ordinary people around the world are already paying an extraordinary price for fossil fuels. A new analysis by 350.org estimates that soaring oil and gas prices have siphoned between $104.2 and $111.6 billion from consumers and businesses globally. From fuel rationing in Kenya to factory layoffs in Bangladesh, the economic fallout is sharp and immediate, while the human toll continues to mount.

The 350.org report highlights how dependence on oil and gas enriches a few at the expense of the many. Using weighted global oil and gas prices combined with consumption data, the study calculates losses triggered by price spikes in the first month of the conflict. However, it notes that this figure does not account for indirect impacts, including higher food and fertilizer costs, declining employment, and broader inflation. Analysts warn that the total economic damage is likely far greater.

Anne Jellema, Chief Executive of 350.org, emphasized the human cost behind the numbers: “Families worldwide are struggling to afford basic energy and necessities, while over $100 billion has gone straight into the pockets of fossil fuel companies. The case for windfall taxes has never been clearer.” The organization urges governments to act swiftly to protect lower-income households and countries already under economic pressure.

Beyond immediate relief, 350.org says the lost revenue could have fueled a clean energy transition. The $111 billion could fund solar power for around 40 million households in high-consumption nations, or 150 million households in lower-consumption regions. This investment is roughly equivalent to the current annual international climate finance pledged under the UN Climate Convention and the Paris Agreement.

As governments prepare to meet in Colombia next month to discuss ending reliance on oil, gas, and coal, 350.org is calling for bold action. The group recommends taxing fossil fuel windfall profits and using the revenue to subsidize renewable solutions, such as rooftop solar and electric vehicles. According to the campaigners, shifting to renewables is the fastest path to stabilizing prices, boosting energy security, and shielding economies from future crises.

source: realnews