COLUMBUS, Ohio — Gas price increases across the U.S. slowed slightly over the past week, but experts warn prices are still on track to surpass $4 per gallon in the near future.
According to GasBuddy, the national average price for gasoline rose 2.4 cents over the past week to $3.95 per gallon. That marks a sharp increase of nearly 98 cents compared to a month ago and more than 80 cents higher than this time last year.
Diesel prices saw a much steeper jump, climbing 14.3 cents in the past week to $5.37 per gallon — the highest level since mid-2022.
Industry analysts say global events are playing a major role in the surge. Ongoing tensions in the Middle East and disruptions to oil shipments through the Strait of Hormuz — a critical passage for about 20% of the world’s oil supply — have tightened global supply and pushed prices higher.
“Upward pressure on fuel prices is likely to persist,” said Patrick De Haan, head of petroleum analysis at GasBuddy, noting that gasoline could soon exceed $4 per gallon nationwide while diesel prices may approach $6 if conditions worsen.
Oil markets have reacted strongly to the uncertainty. U.S. benchmark crude oil recently climbed above $100 per barrel, while international benchmark Brent crude rose to nearly $115 per barrel — both significant increases from the previous week.
Despite a slight increase in U.S. oil inventories, gasoline supplies declined and demand rose, further contributing to higher prices. Refinery activity also increased, but not enough to offset global supply concerns.
Price differences remain wide across the country. States in the Midwest and Plains continue to see some of the lowest averages, while West Coast states like California and Hawaii are paying well above $5 per gallon.
Analysts warn that rising fuel costs are already having broader economic impacts, with Americans spending billions more on gasoline in recent weeks. Higher diesel prices, in particular, could drive up the cost of goods and potentially add to inflation.
For now, experts say relief at the pump is unlikely unless global oil supply conditions improve.
