Gas prices break record for days above $4 a gallon as oil shortage continues

The national average price of a gallon of gas stands at $4.33, AAA says.

The national average gas price has topped $4 a gallon for a total of 158 days in 2026, setting a record for the largest number of days ever recorded above $4 in a calendar year, GasBuddy petroleum analyst Patrick De Haan said in a post on X on Wednesday.

The Iran war caused gasoline prices to surge after fighting in the Strait of Hormuz prompted a historic oil supply shock.

An oil shortage continues to bedevil crude sellers, who typically pass along higher costs to retailers and, in turn, drivers at the pump. Global oil prices register above $106 a barrel, marking a 50% jump from their pre-war level.

The record-setting gasoline price woes arrive as affordability stands as a top concern for voters ahead of early November's midterm elections.

An inflation report issued by the federal government on Wednesday showed gas prices jumped more than 9% in September from August, accounting for more than half of the overall price increase last month. Overall inflation clocked in at a 4-month high in September, the U.S. Bureau of Labor Statistics said.

The national average gas price stands at $4.33, AAA said. Prior to the war, the average price stood below $3 a gallon.

The Middle East conflict drove up fuel prices and catapulted inflation to a three-year high in May, but inflation eased slightly over the summer after a preliminary peace agreement established an on-again, off-again pause in fighting.

The tentative accord between the U.S. and Iran expired in August, however, giving way to continued attacks on oil infrastructure and ships in the region.

Oil exports from the Gulf have improved in recent weeks, but heightened shipping costs and persistent risks have kept gas prices highly elevated.

Diesel prices, which feed into supply costs for groceries and just about every other product bought in stores, stand at $6.29 a gallon, according to AAA. That figure amounts to an increase of about 66% since the outbreak of the Iran war in February.

In September, consumer sentiment dropped close to the lowest level ever recorded in the 74-year history of the University of Michigan's monthly survey.