March 5, 2026

The average price of regular gas nationwide rose to $3.015 per gallon on March 2, exceeding $3 for the first time since the end of November as the United States and Israel wage war with Iran.

People’s receipts for a tank of regular gas rose an average of $0.078 per gallon from Feb. 23, when gas was $2.937 per gallon. The average price of regular gas is still $0.063 less per gallon than one year ago and $0.335 less than two years ago under the Biden administration, according to the U.S. Energy Information Administration.

 

Gas prices in the U.S. surpassed $3 per gallon on March 2 for the first time since November, rising amid escalating conflict between the U.S., Israel, and Iran, driving geopolitical risk premiums higher despite no immediate supply disruptions. The increase follows joint strikes on Iran and Iran’s retaliatory moves to choke the Strait of Hormuz, a key oil shipping route, prompting former President Trump to announce political risk insurance for maritime trade and the potential deployment of the U.S. Navy to escort tankers to maintain the flow of energy.

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