War Drives Up Energy Costs, US Gasoline Average Price Surpasses $4 for First Time in Three Years

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汇通财经2026/03/31 02:33

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According to data from oil price tracking agency GasBuddy, the average national retail price of gasoline in the United States broke above $4 per gallon on Monday for the first time in more than three years, as the ongoing wars between the US, Israel, and Iran continue to disrupt global energy markets. The last time this price level was reached was in August 2022 amid the Russia-Ukraine conflict, when it was seen as a psychological threshold for consumers.
With Iran effectively blocking the Strait of Hormuz, prices of a variety of commodities, including crude oil, have surged. Since the US and Israel attacked Iran at the end of February, the average price of gasoline in the US has increased by about $1.06 per gallon, a rise of 36%.
Raymond James analyst Pavel Molchanov stated that the outbreak of war has pushed US gasoline prices to $4 per gallon, similar to the situation in 2022. However, he expects this round of price increases to be relatively short-lived, with prices likely to fall back in the coming weeks. Nevertheless, if crude oil prices continue to soar, retail gasoline prices may climb even higher.
The rise in gasoline prices has begun to strain the finances of American households. Polls show that about 55% of respondents say higher fuel costs have affected their household finances “to some extent,” with 21% reporting a “major” impact. On the eve of the midterm elections in November, this issue has also become a political challenge for Trump and the Republican Party.

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War Drives Up Energy Costs, US Gasoline Average Price Surpasses $4 for First Time in Three Years

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