Quick Read
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Americans have spent $109 billion more on gas and diesel since March 1 than last year, with the gap widening by $730 million daily.
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U.S.-Israeli strikes closed the Strait of Hormuz in late February, pushing WTI crude to $97 a barrel and gas to $4.16 per gallon.
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Diesel crossed $6 per gallon nationally for the first time on record, with 28 states at all-time highs and some California pumps maxed at $9.999.
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Since March 1, drivers and truckers have collectively spent more than $100 billion more on gasoline and diesel than they did during the same stretch last year, according to Patrick De Haan, head of petroleum analysis at GasBuddy. The gap is still widening.
His post, published at midday, put it this way: “ominous: Americans have collectively spent >$100 billion more on gasoline and diesel since March 1 compared to the same period a year ago. $109.2 billion through the end of today thus far, and currently adding ~$730 million more each day.” The figure is GasBuddy’s estimate using its own methodology. It is not a federal statistic, and it has not been independently audited. It measures the year-over-year increase in what households and businesses hand over at the pump, and the daily number represents the pace at which that gap is growing.
Why the Bill Jumped in March
March 1 is De Haan’s chosen starting line, selected for a specific reason. It sits one day after the event that reset the global oil market this year. According to The Guardian, the US and Israel began large-scale strikes on Iran on 28 February 2026, and the Strait of Hormuz was effectively closed soon after the first day of strikes, per the same reporting. In normal times, The Guardian noted, more than 100 vessels transit the waterway each day, carrying about a quarter of the world’s seaborne oil trade.
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A closed chokepoint travels to a pump price through a chain that has no shortcut. Crude gets more expensive because less of it can move. Refiners pay more for the barrel and more for the freight to bring it in. Wholesale gasoline and diesel prices rise. Retail follows. West Texas Intermediate crude closed at $97.26 per barrel on September 9, 2026, up 16.1% from a month earlier. The US retail gasoline average was $4.16 per gallon in the week ending September 7, up from $2.78 in mid-January.
Diesel Is the Sharper Edge
The diesel story is harsher than the gasoline one. National diesel has crossed $6 a gallon for the first time on record, 28 states have set all-time diesel highs, and GasBuddy has flagged five California stations printing $9.999 a gallon for diesel because that is the highest number their pumps can physically display. Diesel moves freight, which means the surcharge eventually reaches grocery shelves and construction bids.
Where the Money Is Flowing
A supply shock functions as a transfer between groups. Households and small businesses sit on the paying side. Owners of scarce assets, especially the ships that carry oil around a closed strait, sit on the receiving side. Our recent coverage of the tanker shipping fund captured how narrow and how lopsided that gain has been. The University of Michigan consumer sentiment index, at 55.2 in July, remains below the level associated with recessionary readings, and retail sales slipped to $763.6 billion in July, down from June.
For De Haan’s daily figure to stop climbing, one of a small number of things has to give: the Strait of Hormuz has to reopen to reliable traffic, refiners have to work through the current crude at cheaper replacement barrels, or demand has to fall enough to pull wholesale prices down. Until one of those happens, the bill grows by roughly $730 million a day.
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Disclaimer : This story is auto aggregated by a computer programme and has not been created or edited by DOWNTHENEWS. Publisher: finance.yahoo.com
