Global Economic Fallout — 2026-03-31
US Gasoline Prices Top $4 Per Gallon for First Time Since 2022
US average gasoline prices crossed $4.02 per gallon on March 31, up from $2.98 on February 26 before the war began, marking the highest level since 2022. California averaged $5.87/gallon. AAA data shows prices rose a full dollar in one month. Oil executives and analysts warn the
Analysis
The $1/gallon increase in 33 days (from $2.98 to $4.02) is the fastest sustained rise since the1979 oil crisis . California at $5.87 is approaching the 2022 record. The mid-April warning from oil executives aligns with the April 6 energy strike pause deadline Trump set. If no deal materializes and strikes resume, analysts project $5+ national averages by May, entering politically dangerous territory ahead of midterm positioning.
The $1/gallon increase in 33 days (from $2.98 to $4.02) is the fastest sustained rise since the