economy
Gas in U.S. hits $4 a gallon for first time since August 2022
Updated on: March 31, 2026 / 11:37 AM EDT / CBS News
TL;DR
- Average U.S. gasoline price reached $4.02 per gallon, the highest in over three years.
- The Iran conflict is disrupting crude oil passage through the Strait of Hormuz, impacting global supply.
- President Trump has signaled mixed approaches to resolving the strait blockage and reducing fuel costs.
- Rising gas prices are a significant concern for Americans, with expectations of continued increases.
- Diesel prices also saw an increase, impacting sectors like farming, construction, and transportation.
- Increased transportation costs may be passed on to consumers.
- Additional spending on gas could negate tax refund benefits for Americans.
- Previous measures by the Trump administration, like releasing oil from reserves, are deemed insufficient by analysts.
- The last time gas prices were above $4 per gallon was in August 2022.