Gasoline prices in California have reached a historic high of $6 per gallon amid rising national averages and geopolitical tensions. The national US average gasoline price rose to $4.30 per gallon, the highest since July 2022. Americans have spent an additional $21.7 billion on gasoline since March 1, 2026.
The US has become a leading energy powerhouse amid global tensions, particularly with Iran. The country exported a record 14,179 barrels per day of all petroleum products recently. However, US crude inventories saw a significant draw of 6.2 million barrels, leading to concerns about supply stability.
Key statistics:
- Gasoline in California hit $6 per gallon, the highest in the US.
- The national US average gasoline price rose to $4.30 per gallon.
- Americans spent $21.7 billion more on gasoline since March 1, 2026.
- The US exported a record 14,179 barrels per day of all petroleum products.
- US crude inventories decreased by 6.2 million barrels to 459.5 million barrels.
Analysts at Deutsche Bank noted, “Today marks a significant, and perhaps unsettling, milestone for the US economy.” Distillate inventories dropped 4.5 million barrels, sitting roughly 11% below the five-year average. Refinery inputs averaged 16.1 million barrels per day, up 85,000 barrels week-over-week.
The UAE’s OPEC departure will take effect on May 1, 2026, adding uncertainty to oil markets. Observers are closely watching the impact of these developments on global oil prices and inflation rates.
