The American Automobile Association (AAA) announced that the national average price for regular gasoline on 3/3 rose from 3 USD to 3.11 USD per gallon. Premium gasoline prices increased from 3.86 USD to 3.98 USD per gallon. One gallon is approximately 3.8 liters.

This marks the largest one-day surge in average retail gasoline prices in the US since March 2022, and it is also the first time the national average price has surpassed the 3 USD per gallon mark in 2026. All states, except Hawaii, saw price increases on 3/3.

Average gasoline prices in the US continued to rise on 4/3, reaching 3.198 USD per gallon for regular gasoline and 4.045 USD per gallon for premium gasoline.

Americans fill up their cars at a gas station in Beverly Hills, California, on 3/3. Photo: AP

The price surge occurred amidst escalating conflict in the Middle East. US and Israeli forces have been continuously targeting Iran since 28/2, killing a number of high-ranking officials and generals, and causing nearly 1,100 fatalities.

Iran retaliated by launching missiles at various Middle Eastern nations and declared its intention to close the Strait of Hormuz, a crucial waterway through which about 20% of the world's seaborne oil passes.

The conflict has destabilized the oil and gas markets, raising concerns about supply disruptions. Brent crude oil prices fluctuated above 80 USD per barrel during midday trading on 3/3, an increase of about 4% compared to 2/3.

Targets hit in the Middle East during the conflict between the US - Israel and Iran as of 3/3. Graphics: CNN

According to AAA, US consumers face additional pressure as the peak spring break driving season approaches. Americans often take road trips with their families during this period.

Duc Trung (According to Business Insider, Yahoo Finance, AP)