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U.S. Gas Prices Cross $4 Per Gallon, Upward Trend Expected to Continue
Gasoline and Diesel Prices Spike
The average price of gasoline in the U.S. has reached $4.01 per gallon, marking the first time in three years and a $1.07 increase since the start of the war. Matt McClain, a petroleum analyst with GasBuddy, stated that the current price is $4.04 per gallon and is expected to continue rising. In California, diesel prices are nearing $7.43 per gallon, increasing pressure on logistics costs. McClain warned that this price hike will significantly impact businesses and, in turn, consumers through a ripple effect on the economy.
Ripple Effect and Supply Outlook
Jet fuel prices have also soared from $2.50 per gallon before the war to $4.62 per gallon now, burdening the aviation industry. McClain explained that crude oil derivatives, like plastic, mean rising oil costs will affect not only transportation but also the price of all goods. He noted that North America (Canada, the U.S., and Mexico) produces and exports substantial amounts of oil, so he does not anticipate immediate gasoline or jet fuel shortages. However, the global crude oil market means price changes affect everyone. He emphasized that roughly 20% of the world's oil supply remains unaccounted for, and as long as this deficit persists, prices will continue to climb.
*Source: YouTube: ABC News (2026-03-31)*
