Americans Have Spent $109.2 Billion More on Gas and Diesel Since March
Since March 1, Americans have spent an additional $109.2 billion on gasoline and diesel compared to the same period last year, with daily spending increasing by approximately $730 million each day. This surge in costs is attributed to a disruption of global oil markets following U.S.-Israeli strikes against Iran at the end of February 2026, which led to the closure of the Strait of Hormuz—a critical shipping route for about one-quarter of the world’s seaborne oil trade. The price increases have been significant. West Texas Intermediate crude reached $97 per barrel in late September and U.S. retail gasoline averaged $4.16 per gallon, up from around $2.78 earlier this year. Diesel prices crossed a record high of $6 per gallon nationally, with 28 states setting all-time highs for diesel costs. In California, some stations have reached the maximum pump price display at $9.999. The financial burden has fallen largely on households and small businesses, while owners of scarce assets—such as oil tankers rerouting around a closed strait—have seen increased profits.
Topics: diesel prices economic impact gas prices oil market disruption