Setting aside mass transit use, the relative impact of higher oil prices in the US will, I’d imagine, probably be higher than in somewhere like Europe, because Europe already has relatively high prices because it has hefty fuel taxation in the places that I’ve looked at, whereas the US has relatively low fuel taxation. That’ll make the relative price change of the cost of the crude oil changing be larger in the US.

https://moneyweek.com/economy/uk-economy/budget/604621/what-makes-up-the-price-of-a-litre-of-petrol

This has fuel duty in the UK (a consumption tax) being 39% of the price of fuel. Then VAT is 17%. So right there, that’s over half the price at the pump, 56%.

The cost of the gasoline itself — and the crude required is only one input of that — is only 29% of the price at the pump.

https://www.eia.gov/tools/faqs/faq.php?id=10&t=10

For mid-2024, this has federal tax of 18.4 cents per gallon of gasoline, and average state taxes — sales and consumption tax in the US varies by state and municipality — of 32.61 cents per gallon of gasoline.

https://fred.stlouisfed.org/series/APU000074714

Average fuel price in February 2026 is $3.065/gallon.

So taxation makes up about 17% of the price of fuel in the US.

EDIT: That being said, the US is also, these days, a net oil exporter. So there will be winners in the US, like oil extraction companies — but it won’t be vehicle operators.

EDIT2: Actually, it’s probably slightly lower than 17% in the US, because it’s convention in the US to exclude sales tax in listing prices, so the $3.065 won’t actually be the post-tax pump price. It will include state consumption tax, though, so I don’t have a way to directly compute it from just those figures.