Gas prices are soaring nationwide, putting additional strain on household budgets as tensions with Iran push global oil prices higher. Prices are increasing across the board, with some states already well above the national average. As of April 1, the national average for regular gasoline was $4.06 per gallon, marking a $1.08 increase from the previous month.
The West Coast is experiencing the highest prices, with California at $5.89 per gallon and Washington at $5.35. On the East Coast, gas prices are nearing or surpassing $4 in various areas, such as Washington, D.C. at $4.19 and New York at $3.98. In the Midwest, Illinois stands out at $4.25 per gallon, with other states in the mid-$3 range. Southern states remain cheaper overall, with Texas averaging $3.77, South Carolina at $3.90, and Florida at $4.21.
Diesel prices are outpacing gasoline due to their connection to freight and industry, impacting supply chains and raising costs throughout the economy. Diesel currently sits at $5.49 per gallon, a $1.73 increase from a month ago, exceeding $5 for the first time since December 2022 in the wake of the ongoing conflict in Iran.
Gas prices may decrease eventually, but a return to pre-war levels is unlikely for months. Global inventories need time to rebuild, according to Patrick De Haan, head of petroleum analysis at GasBuddy. Seasonal factors, rising demand leading into summer, refinery maintenance, and the switch to summer gas blends could all contribute to further price hikes.
With the midterm elections approaching, the mounting energy and housing costs present a challenge for President Donald Trump, who promised to improve affordability for American families.
