The average price at the pump is up more than 5 cents in the last week
March 3, 2026
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The nations average price of gasoline has risen 5.6 cents over the last week and stands at $2.94 per gallon, according to GasBuddy data compiled from more than 12 million individual price reports covering over 150,000 gas stations across the country.
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The national average is up 7.8 cents from a month ago and is 10.1 cents per gallon lower than a year ago.
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The national average price of diesel rose 5.4 cents in the last week and stands at $3.740 per gallon.
The national average price of gasoline has climbed for a fourth consecutive week, as seasonal factors and escalating fighting in the Middle East combine to push fuel costs higher heading into March.
According to GasBuddy, the steady rise in prices comes as oil markets react to heightened tensions in the Middle East, particularly following U.S.Iran attacks over the weekend that have injected new uncertainty into global energy markets.
The national average price of gasoline has climbed for a fourth straight week, driven primarily by seasonal tightening and broader market dynamics, said Patrick De Haan, head of petroleum analysis at GasBuddy.
Looking ahead, markets will now begin reacting to this weekends U.S.Iran attacks, which have elevated geopolitical risk premiums even in the absence of immediate supply disruption.
Core fundamentals remain intact
De Haan noted that while core fundamentals including inventories and refinery activity remain key drivers, the risk of broader instability, especially involving major oil transit routes such as the Strait of Hormuz, has added a fresh risk premium to crude prices.
In the week ahead, gasoline prices are likely to face heightened upward pressure as seasonal trends continue and markets navigate this evolving geopolitical landscape, with the national average poised to reach the $3-per-gallon mark for the first time this year, De Haan said.
Oil prices surge on geopolitical risk
Oil markets saw significant gains over the past week. In early Monday trading, West Texas Intermediate crude jumped $5.39 per barrel to $72.41, up from $66.85 per barrel a week earlier. Brent crude rose $6.42 to $79.29 per barrel, compared to $72.08 last Monday.
The increase follows escalating tensions between Iran and Israel and growing fears that a broader regional conflict could disrupt oil flows through the Strait of Hormuz, a critical chokepoint that handles a substantial share of global crude shipments. Even without confirmed supply interruptions, traders have priced in the risk of further escalation.
Analysts say developments involving Iran particularly any threat to production facilities or shipping lanes are likely to remain the dominant force in oil markets in the near term.
Mixed supply signals from EIA report
The Energy Information Administrations Weekly Petroleum Status Report for the week ending February 20, 2026, showed U.S. crude oil inventories rose sharply by 16.0 million barrels. Despite the build, inventories remain about 3% below the seasonal average for this time of year. The Strategic Petroleum Reserve was unchanged at 415.4 million barrels.
Gasoline inventories declined by 1.0 million barrels and sit roughly 3% above the five-year seasonal average. Distillate inventories, which include diesel, rose by 0.3 million barrels but remain about 5% below the five-year seasonal norm.
Refinery utilization fell 2.4 percentage points to 88.6%, potentially limiting near-term fuel production. Meanwhile, implied gasoline demand the EIAs measure of retail demand slipped slightly by 15,000 barrels per day to 8.733 million barrels per day.
Price at the pump
The most common price motorists encountered over the weekend was $2.79 per gallon, up 10 cents from a week ago. Other frequently reported prices included $2.89, $2.69, $2.59 and $2.99 per gallon.
The median U.S. gas price stands at $2.79 per gallon, about 15 cents lower than the national average, reflecting a wide distribution of prices across regions.
The top 10% of stations average $4.39 per gallon, while the bottom 10% average $2.39 per gallon.
Oklahoma posted the lowest state average at $2.42 per gallon, followed by Mississippi and Louisiana at $2.51. California continues to lead the nation with the highest average at $4.58 per gallon, followed by Washington and Hawaii at $4.29.
Among states seeing the largest weekly increases, Wisconsin led with a 23.8-cent jump, followed by New Mexico (+13.5 cents), Michigan (+11.8 cents), Missouri (+11.0 cents) and Georgia (+10.2 cents).
With oil markets on edge and seasonal maintenance still affecting refinery output, motorists may soon see the national average cross the $3 threshold a level not yet reached in 2026 but increasingly within sight.
