The price of gas is at a three-year high
Marketplace All-in-One
Marketplace
4.5 • 1.4K Ratings
🗓️ 31 March 2026
⏱️ 6 minutes
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Summary
The average price of gasoline is now above $4 a gallon for the first time in three years. Some analysts say that's a key psychological barrier, above which consumers begin to shift behavior and cut back on spending. Plus, the spike in oil prices we’ve seen may more than completely offset the fiscal boost from this year’s tax refund, and roughly a third of people trading in their old cars are underwater on their car loans.
Transcript
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| 0:00.0 | The price of gas is at a three-year high. |
| 0:06.1 | From Marketplace, I'm Sabri Beneshore, in for David Brancaccio. |
| 0:09.6 | President Trump has reportedly told White House aides he is willing to end the war with Iran |
| 0:15.3 | without reopening the Strait of Hormuz, through which a fifth of the world's oil supply normally moves. |
| 0:20.8 | This is according to the Wall Street Journal. |
| 0:22.6 | The president had previously threatened to use force to open the strait, which would have |
| 0:26.6 | meant a significant escalation. |
| 0:29.3 | Stock futures rallied on the news. |
| 0:31.3 | The price of oil, however, is still elevated, $150 a barrel. |
| 0:36.3 | And the average price of gas is now above $4 a gallon for the first |
| 0:41.3 | time since 2022. Marketplace's Nova Saffo has more on that. Some analysts consider the $4 per gallon |
| 0:47.9 | gasoline price a key psychological barrier above which consumers begin to shift behavior. We breached that milestone |
| 0:55.2 | overnight. The average national price for a gallon of regular, as tracked by AAA, rose from $3.99 |
| 1:01.8 | to $4.2. That's nationwide. Prices vary a lot by state. $4.12 in Florida. $5.89 in California. Much of the Northeast is just shy of $4. |
| 1:16.6 | Diesel prices nationally are up from $3.76 before the war to $5.45. Diesel is the primary fuel for |
| 1:25.0 | big trucks, freight trains, and farm equipment, |
| 1:28.0 | meaning large price swings could filter through to other areas of the economy. |
| 1:33.0 | Rising gasoline prices were already hurting households. |
| 1:36.2 | 55% of respondents to a Reuters survey a week ago said their finances had taken a hit. |
| 1:42.7 | I'm Novosafo for Marketplace. |
| 1:45.2 | Tax day is in two and a half weeks, and the average tax refund will be higher this year |
| 1:50.6 | because of the 2025 tax cuts. A lot of people could really use that money, and it would |
... |
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