Back to today’s briefing

Story perspectives

US Gas Prices >$4, Treasury Targets $3 by Summer

4/24/2026

50 4 Full Breakdown

Summary

Drivers Face $4

U.S. drivers now pay a national average gasoline price above $4 per gallon, about 35% higher than the $2.98 level in late February after the Iran-Israel conflict began.
Treasury Secretary Scott Bessent said he hopes gasoline could fall to $3 per gallon between June 20 and Sept. 20.
Senators John Kennedy (R-La.) and Lisa Murkowski (R-Alaska) said officials cannot set a timeline, noting that remote Alaskan diesel villages feel the pain most.

Summary

Traders Add Premium

Traders add an “anxiety premium” to gasoline because security in the Strait of Hormuz, which carries one-fifth of world oil, is uncertain.
Analysts say the premium reflects risk, not a real oil shortfall, and that a credible end to the Iran-Israel war would likely remove it, pushing pump prices down quickly.
March gasoline sales rose 1.7% month-over-month, aided by tax refunds, as economists cut growth forecasts over persistent energy costs.

1 of 2

Drivers Face $4

U.S. drivers now pay a national average gasoline price above $4 per gallon, about 35% higher than the $2.98 level in late February after the Iran-Israel conflict began.
Treasury Secretary Scott Bessent said he hopes gasoline could fall to $3 per gallon between June 20 and Sept. 20.
Senators John Kennedy (R-La.) and Lisa Murkowski (R-Alaska) said officials cannot set a timeline, noting that remote Alaskan diesel villages feel the pain most.

1 / 2