An unwelcome scene for the White House has occurred: U.S. gasoline prices have surged past $4 per gallon!

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Source: 财联社

财联社 March 31 report (Editor: 潇湘) The scene the White House didn’t want to see has finally happened…

According to data from the price-tracking service GasBuddy, on Monday, the nationwide average retail gasoline price in the U.S. for the first time in more than three years broke above $4 per gallon; meanwhile, the war between the U.S. and Israel and Iran is still ongoing. From major oil producers in the Middle East to drivers on U.S. highways, almost everyone in the world has felt the shockwave from this conflict.

According to data from the American Automobile Association (AAA), since the beginning of March, the nationwide average retail gasoline price in the U.S. has already increased by more than $1, when the nationwide average price was $2.98. The chart below shows how quickly gas prices have surged over less than a month:

Before this latest round of gas-price surge, the nationwide average retail gasoline price in the U.S. had been below $3 for three consecutive months—marking the first time since 2021. But that also underscores just how much the current surge in gas prices has caught American consumers off guard. Based on AAA data, the March gas-price surge was the fastest instance in the U.S. of gasoline prices rising within 30 days in more than five years.

Since March 11, the average gas price across all 50 U.S. states has exceeded $3 per gallon.

Currently, the average gas prices in three states exceed $5 per gallon: California leads at $5.88, followed by Hawaii and Washington. In addition, several other states—Nevada, Oregon, Arizona, Alaska, Idaho, Illinois, Utah, and Maryland—plus Washington, D.C., have current average gas prices above $4 per gallon.

As a “nation of wheels,” gasoline is one of the most frequent consumer goods for American households, so rising gas prices quickly place enormous pressure on household budgets. Beisente’s advisor, well-known economist Joe Lavornia, recently said at a televised event that, “Nothing erodes American household cash flow more quickly than rising gasoline prices.”

Data earlier from the U.S. Energy Information Administration (EIA) also showed that Americans consume about 375 million gallons of gasoline per day. That means that for every 1-cent increase in gas prices, Americans’ total daily spending on fueling would rise by $3.75 million.

The last time U.S. gasoline prices broke above $4 per gallon was in August 2022—about half a year after the outbreak of the Russia-Ukraine conflict. This time, once again breaking the mark will undoubtedly further worsen the pressure on Americans’ cost of living. It is also worth noting that in June 2022, the U.S. CPI year-over-year increase spiked to a rare high of more than 9%.

For Trump and the Republican Party he leads, keeping a lid on gas prices has become a top priority in preparing for the November midterm election, but the challenges they face are far beyond expectations. A poll conducted earlier this month by Ipsos showed that, affected by the surge in fuel prices and widespread public dissatisfaction with the Iran war it launched, President Donald Trump’s approval rating has now fallen to the lowest level since his return to the White House—only 36% of Americans approve of Trump’s job performance.

Earlier this month, the EIA warned that even if oil shipments through the strait resume in April, gasoline prices will still remain at high levels for months or even longer, and that “the normalization of refining and retail profit margins will be even slower.”

The EIA even predicted that from now through the end of 2027, U.S. gasoline prices will not fall back below $3 per gallon again.

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责任编辑：赵思远