Energy & Markets — 2026-04-01
US Gas Prices Hit $4 Per Gallon as Oil Passes $100 Amid Hormuz Crisis
Average US gasoline prices reached $4.018 per gallon, the highest since August 2022, as crude oil crossed $100/bbl with
Analysis
The $4/gallon threshold is psychologically significant and politically dangerous for the incumbent party heading into midterms. The projection that inflation could jump from 2.4% to 4%+ by April, driven entirely by energy, collapses the narrative that the economy is recovering. The additional $740/household annual fuel cost falls disproportionately on lower-income voters.
The $4/gallon threshold is psychologically significant and politically dangerous for the incumbent party heading into midterms. The projection that inflation could jump from 2.4% to 4%+ by April, driven entirely by energy, collapses the narrative that the economy is recovering. The additional $740/household annual fuel cost falls disproportionately on lower-income voters.