US EditionCNN: What $4-a-Gallon Gasoline Means for You and the Economy
Gas prices rose over 30% in the past month due to Middle East conflicts and crude oil surpassing $100 per barrel, despite a U.S. strategic reserve release.
- On Sunday, the national average price for regular gasoline reached $3.942, pushing pump prices closer to the $4 threshold for the first time since 2022, according to AAA data.
- Middle East supply disruptions have driven crude oil above $100 per barrel, with the Strait of Hormuz—through which roughly one-fifth of global oil passes—effectively closed following attacks on commercial vessels.
- Chief economist Joe Brusuelas of RSM US quantified that every $10 oil increase creates a 0.1 percentage point GDP drag, raises inflation 0.2 percentage points, and costs households $450 annually; diesel surged to $5.25 per gallon Sunday.
- Despite the White House releasing 172 million barrels from strategic reserves as part of a broader International Energy Agency effort, pump prices remain elevated as global supply concerns outweigh domestic intervention.
- Inflation could reach 3.5% in March and top 4% in April, according to projections, while KPMG chief economist Diane Swonk warned that five years of compounded inflation strain lower-income households already burdened by rising debt levels.
19 Articles
19 Articles
At $4 Dollars/Gallon, Good Timing for a New EV?
New York Times via email: Average U.S. gasoline prices hit $3.98 per gallon on Tuesday, according to AAA, on the cusp of a level that was last hit when Russia invaded Ukraine in 2022. The last month has seen the second-largest gas price spike in three decades, with average prices climbing more than 30 percent since the … Continue reading "At $4 Dollars/Gallon, Good Timing for a New EV?"
Gasoline in the United States rose 24 cents in the last week and is already approaching $4 per gallon, this as international oil and gasoline prices continue to pick up from the war in Iran and the blockade of the Strait of Ormuz.On Monday, September 23, regular gasoline in the United States was sold at an average domestic price of $3.92 per gallon, its highest level since the summer of 2022.
High Country Gas Prices Hit $3.79 — Up 70 Cents Since March 6
Gas prices in the High Country have surged roughly 70 cents per gallon since WataugaOnline launched its weekly gas prices report on March 6, as the ongoing conflict between the United States and Iran continues to keep oil prices elevated. Here's where prices stand as of Sunday, March 22, 2026: Boone Area (Regular): $3.79/gallon (verified …
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