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Gas Prices Surge Near $4 Nationally, Richmond Hits $3.88

3/24/2026

50 8 Full Breakdown

Summary

Story summary

Gas prices are rising sharply in Richmond, Virginia, and nationwide, with the national average nearing $4 per gallon for the first time since 2022.
As of March 23, Richmond's average price is $3.88, up 35.1 cents in a week.
Nationally, the average price is $3.92, up 24.3 cents.
Diesel prices have surged to a national average of $5.227, driven by seasonal trends and disruptions in the Strait of Hormuz.

History

Historical Context

The 1973 oil crisis began when the Organization of Arab Petroleum Exporting Countries (OAPEC) imposed an embargo against nations supporting Israel during the Yom Kippur War, leading to a 300% increase in U.S. gasoline prices. This event marked a significant shift in global energy dynamics, highlighting the vulnerability of economies to oil supply disruptions and geopolitical tensions, a concern still relevant today.

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Story summary

Gas prices are rising sharply in Richmond, Virginia, and nationwide, with the national average nearing $4 per gallon for the first time since 2022.
As of March 23, Richmond's average price is $3.88, up 35.1 cents in a week.
Nationally, the average price is $3.92, up 24.3 cents.
Diesel prices have surged to a national average of $5.227, driven by seasonal trends and disruptions in the Strait of Hormuz.

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