Could Gas Hit $7 a Gallon? Here's What Analysts Are Actually Saying

The number Americans had been dreading finally appeared at gas stations across the country.

According to AAA, the national average for a gallon of regular gasoline hit $4.018 on March 31, the highest price U.S. drivers have seen since August 2022, when Russia's war in Ukraine rattled global energy markets. This time, the culprit is a different war in a different part of the world, but the pain at the pump feels exactly the same.

Just one month ago, you were paying around $2.98 per gallon. In roughly 30 days, the cost of filling up your tank has jumped more than a dollar. For context, if you drive a vehicle with a 15-gallon tank, that is $15 more every single time you fill up. Do that twice a week, and you are looking at $120 extra per month.

How Did We Get Here So Fast?

The U.S. and Israel launched a joint military offensive against Iran on February 28. Almost immediately, oil markets went haywire.