❓WHAT HAPPENED: American gas prices have hit their highest levels since 2023, with the national average now at $3.88 per gallon.
👤WHO WAS INVOLVED: The oil and gas industry, President Donald J. Trump, the Islamic Republic of Iran, the Gulf States, and American consumers.
📍WHEN & WHERE: Thursday, March 19, 2026.
🎯IMPACT: The last time U.S. gas prices approached $4.00 per gallon was in September 2023, when, under former President Joe Biden, the price per gallon hit $3.83. Still, the current peak price has a ways to go to reach its highest point over the past 30 years, which occurred in 2022 during the COVID-19 pandemic, when gas cost $4.92.
American gas prices have hit their highest levels since 2023, with the national average now at $3.88 per gallon. The cost of energy, especially oil and natural gas, has surged in recent weeks after President Donald J. Trump authorized the U.S. military to strike political and military targets in the Islamic Republic of Iran. In retaliation, the Iranian regime has effectively forced the closure of the Strait of Hormuz—a chokepoint in the Persian Gulf through which over 20 percent of global oil flows—and targeted oil and gas infrastructure in neighboring Gulf States.
The last time U.S. gas prices approached $4.00 per gallon was in September 2023, when, under former President Joe Biden, the price per gallon hit $3.83. Still, the current peak price has a ways to go to reach its highest point over the past 30 years, which occurred in 2022 during the COVID-19 pandemic, when gas cost $4.92.
Concerningly, the 2022 peak price was predominantly driven by a breakdown in global supply chains and the shutdown of oil refineries worldwide. The current global energy crisis is rooted in similar factors, including a supply crunch caused by the closure of Gulf State oil and gas facilities and the cessation of tanker traffic through the Strait of Hormuz. This suggests gas prices could climb higher unless supply pressure is alleviated.
The National Pulse reported on Tuesday that the Iran conflict is wreaking havoc on Asian energy markets, forcing a number of countries to implement extraordinary measures to prevent runaway prices and shore up domestic petroleum reserves. In the Philippines, government officials have imposed a four-day workweek to cut electricity use and fuel consumption. Additionally, companies have been told their employees should shut off computers when not in use and keep the work area air conditioning set at 75 degrees Fahrenheit. Vietnam, meanwhile, is pressing refiners to work in overdrive to keep up supply, while Thailand is attempting to stretch its two-month fuel reserve well past its anticipated depletion date. Both Thailand and Vietnam have implemented emergency subsidies to shield most households from spiking energy costs in the short term.
Asia’s two most populous nations, China and India, are being hit especially hard. India is focusing on keeping prices down for residential consumers, mainly through subsidies. China, however, which accounted for 80 to 90 percent of Iran’s oil sales, has been forced to increase its price cap on gasoline and diesel. The new cap marks the highest increase since 2022.
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