U.S. Gasoline and Diesel Prices Hit Record Highs for This Time of Year

U.S. retail gasoline and diesel prices have risen to their highest levels ever recorded for this time of year. The national average price for gasoline this week stood at $4.12 per gallon, surpassing the previous record of $4.07 set on the same date in 2022 and marking a new all-time high for this period. Diesel averaged $5.65 per gallon, more than 60 cents above the prior record high from the same period in 2022. Gasoline prices have surged by over $1.10 per gallon since late February, following military actions taken by the United States and Israel against Iran. Disruptions to shipping through the Strait of Hormuz have driven up crude oil prices, contributing to the largest inflation increase in the U.S. in nearly four years. Rising fuel costs are now rippling through sectors such as aviation, food, and transportation. U.S. Energy Secretary Wright stated that gasoline prices could remain elevated for the next several weeks.