U.S. Gas Prices Jump 25% in One Month, Hit $4 Per Gallon
Gas prices in the United States jumped 25% between February and March, the biggest monthly increase on record. The national average hit $4 per gallon for the first time since 2022.
Gas prices in the United States jumped 25% between February and March, the biggest monthly increase on record according to the Energy Information Administration. The national average reached $4 per gallon for the first time since 2022.
The sharp increase comes as the war in Iran continues to push fuel prices higher worldwide. Oil markets remain volatile due to concerns about supply disruptions from the conflict.
The price spike is squeezing American families, especially those with lower incomes who spend a larger share of their earnings on gasoline compared to higher-income households. Every trip to the gas station now costs significantly more than just weeks ago.
While this jump feels painful, it's actually smaller than some previous gas price spikes when viewed in historical context. However, the speed of the increase has caught many consumers off guard after a period of relatively stable prices.
Higher gas prices mean you'll pay more to fill up your car and for everything delivered by truck. Lower-income families are hit hardest because they spend more of their paychecks on gas than wealthy Americans.
Watch for continued price changes as the Iran war develops and oil markets react to global events.
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