US energy inflation is accelerating across multiple fronts. Gasoline prices jumped to $3.63 per gallon in early March, the highest since June 2024, up 14 percent year-over-year after months of declines that had masked broader energy cost pressures. Utility natural gas spiked 3.1 percent in February alone and is up 10.9 percent annually, having surged 60 percent since January 2020. Electricity costs continue climbing, up 40 percent since 2020 despite slight recent monthly declines. The confluence of rising oil prices, geopolitical tensions affecting global energy supplies, and strong domestic demand threatens to push inflation higher as March data will soon reflect these increases. American households face mounting energy bills across all categories simultaneously.
