US gas prices hit $4.35 as diesel tops $6.27 amid global oil supply fears
Bharatmorningnews.com – US gasoline prices have stayed above $4 per gallon for a record number of days in 2026. On Wednesday, the national average price crossed the $4 mark for the 158th day this year. This broke the previous record of 157 days, set in 2022, according to a GasBuddy analysis.
The average price of regular gasoline in the US is $4.35 per gallon, according to the American Automobile Association (AAA). This is $0.02 lower than a week ago but $1.26 higher than the same time last year.
Gas pricesare still high for this time of year, even though they have fallen from their peak in May. However, the fall has not been enough to bring prices back to normal levels.JPMorgananalysts said last month that gasoline prices were still at record levels for this time of year, according to Yahoo Finance.
California has some of the highest gas prices in the US. Regular gasoline costs an average of $6.28 per gallon in the state, compared with $4.67 per gallon a year ago. Higher taxes and strict rules on fuel are among the main reasons why gasoline is more expensive in California.
Diesel prices are also putting pressure on Americans. The national average price of diesel stood at $6.27 per gallon on Tuesday. Although this was below the record high of $6.52 per gallon reached last month, diesel prices remain above $6, according to Yahoo Finance.
High diesel prices can make everyday goods and services more expensive. Diesel is widely used in farming, trucking and deliveries. When diesel costs rise, businesses may have to pay more to grow, transport and deliver products. These higher costs can eventually affect the prices consumers pay.
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Energy expert Tom Kloza warned that gasoline and diesel prices could rise further. Kloza, chief energy adviser at Gulf Oil, said he had earlier expected gasoline prices to reach $4 per gallon and diesel prices to reach $6 per gallon by Election Day. He now believes prices could approach or exceed their 2026 highs, particularly for diesel, according to Yahoo Finance.
The Trump administration has introduced measures to reduce energy costs ahead of the US midterm elections. One measure allows red-dyed diesel, which is generally used for off-road purposes, to be legally used in highway vehicles through the end of 2026. The move is intended to provide some relief to fuel users, including farmers.
The administration has also announced a deal with Russia to release diesel supplies. The agreement is intended to increase the availability of diesel in theUnited Statesand the global market. However, these measures have not yet eliminated the pressure on fuel prices.
Fuel futures have recorded sharp increases in 2026. Gasoline futures have risen by more than 86% since the start of the year, while heating oil futures have surged by more than 132%. These figures are based on AlphaSpace data cited by Yahoo Finance. Futures are contracts linked to the price of fuel at a future date and can reflect expectations about supply and demand.
Rising global tensionsare keeping oil prices high. Deadly attacks in the Middle East and strikes on Ukraine's energy infrastructure have added to concerns about global oil supplies. These developments have also raised doubts about the Russia-Ukraine energy ceasefire recently announced by US President Donald Trump, according to Yahoo Finance.
Crude oil prices remain elevated, adding to concerns about fuel costs. Brent crude, the international oil benchmark, was trading near $105 per barrel, while West Texas Intermediate (WTI), the US oil benchmark, was hovering near $94 per barrel.
The main reason US fuel prices remain high is the continued pressure on global energy markets. Although gasoline prices have fallen from their May highs, the national average remains above $4 per gallon. Diesel is still above $6 per gallon, while global conflicts and uncertainty over oil supplies continue to put pressure on energy prices, according to the data and expert comments reported by Yahoo Finance.
Durva More is a Senior Content Producer at Hindustan Times, where she covers finance, and global news. She brings experience across digital and television journalism, with a strong focus on breaking news, business reporting, and international affairs.
Before joining Hindustan Times, Durva worked as an International News Writer at The Economic Times, covering a diverse range of subjects including global politics, business, sports, entertainment, and major world events. She also worked as a Business Reporter with NDTV Profit.
A postgraduate diploma holder in Journalism from the Asian College of Journalism, Durva is passionate about field reporting and storytelling. She thrives on the adrenaline of chasing stories, speaking with people from different walks of life, and amplifying voices that deserve to be heard. Her reporting is driven by curiosity, accuracy, and a commitment to making complex subjects accessible to readers.
When she is not chasing stories or covering breaking news, Durva enjoys reading books and painting. She loves exploring new ideas, meeting people, and learning about different perspectives. For her, both journalism and art are ways to understand the world and tell stories that matter.Read More
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