Marketplace All-in-One The price of gas is at a three-year high
Mar 31, 2026
Kaylee Wells, Marketplace reporter covering car trade-ins and upside-down auto loans. Justin Ho, economics correspondent on tax refunds, gas impacts, and the outlook. Nova Saffo, energy reporter explaining rising regional gasoline prices. They discuss gas topping $4, how higher fuel costs can erase refund gains, and why many trade-ins are underwater.
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Gas Prices Cross Psychological $4 Threshold
- Gasoline has climbed above $4 a gallon nationally for the first time since 2022, breaching a key psychological barrier for consumers.
- Nova Saffo notes national average rose from $3.99 to $4.02 with big state variation like $5.89 in California and much of the Northeast near $4.
Diesel Jump Risks Broader Price Increases
- Diesel spiked from $3.76 pre-war to $5.45, raising costs for trucks, freight trains, and farm equipment that feed into broader inflation.
- Nova Saffo warns large diesel swings can propagate through supply chains to raise consumer prices elsewhere.
Tax Refund Boost Could Be Eroded By Gas Costs
- The 2025 tax cuts are set to boost refunds by about $60 billion, raising average refunds roughly 10–11% to around $3,600 per claimant.
- Justin Ho cites Michael Pierce saying higher gas prices act like a new tax and can offset these refund gains if averages stay near $4.