U.S. gasoline prices surge past $4 per gallon for first time since 2022. The nationwide average hit $4.018, driven by Middle East tensions and geopolitical conflict. Gas prices have climbed more than 30 percent since late February, while diesel prices have surged over 40 percent to exceed $5 per gallon. Oil prices overall have jumped more than 50 percent. The economic ripple effects extend beyond the pump as diesel fuels transportation networks critical to supply chains. Vice President JD Vance acknowledged consumers face difficult months ahead but promised the spike remains temporary. Analysts expect March to see the largest monthly gas price increase since October 1990. Higher diesel costs will eventually impact consumer goods pricing as freight expenses rise across the economy.
