The national average price for a gallon of gasoline has now exceeded $4 for 158 days in 2026, setting a record for the longest stretch above that threshold in a single calendar year, according to GasBuddy petroleum analyst Patrick De Haan. The current national average stands at $4.33 per gallon.
The surge in gas prices is attributed to fighting in the Strait of Hormuz, which has caused a significant oil supply shock. Global oil prices remain elevated, currently above $106 a barrel, a 50% increase from pre-conflict levels. This oil shortage continues to impact crude oil sellers, who pass on increased costs to retailers and consumers.
This record-setting period for gasoline prices coincides with voter concerns about affordability as the midterm elections approach in early November. An inflation report released by the federal government indicated that gas prices rose more than 9% in September compared to August, contributing more than half of the overall price increase last month. Overall inflation reached a four-month high in September, according to the U.S. Bureau of Labor Statistics.
Prior to the conflict, the average gas price was below $3 per gallon. Diesel prices, which influence supply costs for groceries and other goods, have reached $6.29 a gallon, an increase of approximately 66% since the conflict began in February.
Consumer sentiment in September dropped to near historic lows in the University of Michigan's monthly survey, reflecting the impact of rising prices on shoppers. While oil exports from the Gulf have seen some improvement recently, heightened shipping costs and persistent risks continue to keep gasoline prices high. A tentative peace agreement between the U.S. and Iran expired in August, leading to renewed attacks on oil infrastructure and shipping in the region.