Gas Prices Jump 48 Cents in a Week

Oil prices surged to $115 over the weekend before falling back slightly as the Iran conflict roils energy markets.

Taryn Phaneuf
Anna Helhoski
Rick VanderKnyff
Updated
SOME CARD INFO MAY BE OUTDATED

This page includes information about these cards, currently unavailable on NerdWallet. The information has been collected by NerdWallet and has not been provided or reviewed by the card issuer.

Updated on March 9.
The average regular gas price in the U.S. as of March 9 is $3.478 per gallon, according to AAA.
  • One week ago: $2.997.
  • One month ago: $2.902.
  • One year ago: $3.089.
The text and charts below are fully updated every Monday.
The widening Middle East war sparked by joint U.S. and Israeli strikes on Iran that began early this month has upended energy markets and spooked investors, prompting commodity oil prices to skyrocket and stocks to fall.
For U.S. drivers, it means gas prices are rising quickly. Some analysts predict prices to cross $4 in the coming weeks.
Brent crude — the global benchmark — jumped to over $115 over the weekend before falling back below $100. It traded below $70 as recently as mid-February and was below $80 when the conflict began. This is the first time oil has traded above $100 since 2022, when Russia invaded Ukraine.
Sustained prices of over $80, economists say, could reignite broader inflation and even spark global recession.
OPEC+ announced it would increase production in April by 206,000 barrels per day, which could provide a buffer. But oil won’t reach markets if traffic does not resume through the Strait of Hormuz, the passageway for roughly a fifth of the world’s oil, which has been affected by the war.
The U.S., despite being the world’s largest producer of oil, can see gas prices rise in response to any shock to the world’s oil supply.
After the initial attacks, President Donald Trump said the strikes on Iran could last “four to five weeks.”

What are gas prices like right now?

As of March 9, gas prices are climbing rapidly, according to AAA, which tracks fuel costs. Gas prices are below $3 in four states. They were below $3 in 39 states a week ago.
Refineries are beginning to switch back to producing a summer blend, which is more expensive than the winter blend, which could contribute to rising prices soon.
The U.S. Energy Information Administration says the falling price of crude oil — accounting for half of retail gas prices — helped lower prices at the pump in 2025. On a monthly average basis, the price of Brent crude oil dropped from $79 per barrel in January 2025 to $63 per barrel in December 2025 — its lowest average monthly price since the start of 2021, according to the EIA.
Pump prices were stable over the summer and fell in the fall and winter, especially compared to recent years. Oil prices moderated at around $65 a barrel after spiking briefly in June 2025 in response to the Israel-Iran conflict, and were below $60 at the beginning of the year. They have risen dramatically in the past week.
» Stay informed: Check out NerdWallet's news hub for all the latest.

Meet MoneyNerd, your weekly news decoder

So much news. So little time. NerdWallet's new weekly newsletter makes sense of the headlines that affect your wallet.
SUBSCRIBE FOR FREE
CTA image

Gas price inflation, explained

Gas prices surged in 2021 and 2022, largely due to two economic disruptions: pandemic-related supply shocks and then Russia’s invasion of Ukraine. The combination of the two hit energy markets hard and prices never recovered to pre-pandemic levels.
Here’s what happened:
  • In 2019, before the pandemic, the average per-gallon price of regular gas was $2.601,  according to EIA data.
  • Following Russia’s invasion of Ukraine, the national average increased before peaking at $5.016 per gallon on June 14, 2022, according to AAA. 
  • Until the Iran invasion, gas prices had retreated, but hadn’t returned to pre-pandemic levels. Today, gas prices are almost 34% higher than they were six years ago.

Why gas prices remain higher than they used to be

At this time of year, seasonal factors play a considerable role in raising gas prices. A scheduled switch to summer-blend gasoline temporarily elevates prices through the warm months. Inflation, supply-chain disruptions and gas tax hikes can factor into higher prices, as well. But in the end, elevated oil prices are the main culprit.
The cost of oil typically represents more than half of the cost of a gallon of gasoline, according to the U.S. Energy Information Administration (EIA). So, a major reason gas prices have remained so high is that, until recently, oil prices were higher than they were before the pandemic hit in 2020 and Russia invaded Ukraine in 2022. That’s based on the average monthly price of West Texas Intermediate crude, which is used as the benchmark for oil prices in North America.
For much of the year to date fuel costs had been lower than they were a year ago. That has changed in the last week. Here’s how gas prices compare today:
  • As of March 9, the average regular gas price in the U.S. is $3.478 per gallon, according to AAA, which tracks gas prices.
  • The price is up from $2.997 a gallon a week ago.
  • The price is up from $2.902 per gallon a month ago. 
  • A year ago, the price was $3.089 per gallon.
Oil prices are still below their June 2022 peak of almost $120 per barrel.

Average gas price per state

The average gas price per state varies widely, with the most expensive state typically costing about $2 more per gallon of regular than the least expensive state.
(Photo by Alexi J. Rosenfeld/Getty Images)
Article sources
NerdWallet writers are subject matter authorities who use primary, trustworthy sources to inform their work, including peer-reviewed studies, government websites, academic research and interviews with industry experts. All content is fact-checked for accuracy, timeliness and relevance. You can learn more about NerdWallet's high standards for journalism by reading our editorial guidelines.