Marketplace Morning Report The price of gas is at a three-year high
Mar 31, 2026
Kaylee Wells, Marketplace reporter on car markets and consumer finance, explains why many trade-ins are underwater. Justin Ho, Marketplace reporter on policy and economics, links rising gas to how tax changes affect spending. Nova Saffo, Marketplace reporter on energy, reports gasoline topping $4 and the household and diesel-industry effects. They discuss fuel prices, consumer behavior, refunds, and auto loan strain.
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Gasoline Price Crosses Psychological $4 Threshold
- U.S. average gasoline hit above $4.00 a gallon for the first time since 2022 and analysts see $4 as a psychological spending barrier.
- Nova Saffo notes nationwide average rose from $3.99 to $4.02 with big state variation like $5.89 in California.
Diesel Spike Could Push Up Broader Prices
- Rising diesel jumped from about $3.76 to $5.45 nationally, threatening higher transport and food costs as diesel fuels trucks, freight trains, and farm equipment.
- Justin Ho reports economists say the war-driven oil spike acts like a new tax that can offset tax-refund stimulus.
Larger Refunds Risked By Sustained High Gas Prices
- The 2025 tax law is set to boost refunds by about $60 billion and average refunds rose roughly 10–11% to about $3,600 per claimant.
- Michael Pierce and Justin Ho warn if gas averages ~$4 for the year that energy costs could fully erase the refund-driven spending boost.