economy
April 4, 2026
FIRST TIME SINCE 2022: Gas Price in America Exceeds Four Dollars
Gas price in America exceeds four dollars
TL;DR
- US regular gasoline prices exceeded $4 per gallon for the first time since August 2022.
- The price has increased by over $1 since the start of the war, from $2.98 to $4.018 per gallon.
- The conflict in the Middle East has disrupted global oil and gas transport, including the Strait of Hormuz.
- US crude oil prices surpassed $100 per barrel, with refined products like gasoline and diesel seeing sharper increases.
- Retail diesel prices exceeded $5.45 per gallon, posing an additional inflationary threat.
- Rising fuel prices have direct political implications for the administration in an election year and complicate inflation control by the Federal Reserve.
- Global consequences include India's cooking gas shortage, record gasoline prices in Japan, and fuel shortages in Australia.