Oil prices have quietly crossed an important threshold — and drivers across the United States are beginning to feel it.

On Friday, the West Texas Intermediate light crude surged above $90 per barrel for the first time since October 2023.

The move is now feeding directly into rising gasoline prices across the United States.

According to data from the American Automobile Association (AAA), the national average price for regular gasoline climbed to $3.320 per gallon on March 6, the highest level since May 2024.

Just a week earlier, the national average stood at $2.982, marking an 11.3% weekly jump — one of the sharpest increases in pump prices in recent years.

The price spike is not limited to gasoline. Diesel — the backbone fuel of freight transport, agriculture and heavy industry — posted the steepest increase of any fuel category, rising 15.3% in just one week to $4.330 per gallon.

The acceleration reflects a rapid increase in crude oil input costs for refiners as global crude benchmarks surge due to the escalating war in Iran.

According to Hormuz Tracker, the Strait of Hormuz — the vital energy chokepoint through which roughly 20% of the world's crude oil flows each day — has remained closed for the seventh consecutive day, marking the largest disruption to global oil shipping since World War II.

Chart: Crude Oil Jumped Above $90 A Barrel As Hormuz Crisis Escalated

Where Gas Prices Are Highest In The United States

Fuel prices vary widely across states, with West Coast markets once again leading the surge.

Highest State Gasoline Prices As Of March 6, 2026

• California: $4.905
• Washington: $4.494
• Hawaii: $4.449
• Oregon: $4.088
• Nevada: $3.970
• Alaska: $3.781
• Arizona: $3.699

California remains the most expensive gasoline market in the country, with a statewide average of $4.905 per gallon — $1.585 above the national average. However, the state is still below its historic peak.

California set its all-time record on June 14, 2022, when gasoline averaged $6.438 per gallon and diesel briefly surpassed $7.00. Still, the gap between the cheapest and most expensive states remains enormous.

The difference between Kansas ($2.869) and California ($4.905) now stands at $2.036 per gallon.

California's Bay Area Is Already Above $5

Some cities in Northern California are already back above the psychologically important $5 threshold — a level historically associated with reduced driving demand.

Current averages include:

San Rafael

  • Regular gasoline: $5.058
  • Diesel: $6.123

Santa Rosa

  • Regular gasoline: $5.058

San Francisco

  • Regular gasoline: $5.041

San Rafael previously recorded one of the highest gasoline prices ever seen in the United States, reaching $6.675 per gallon in June 2022.

Which Stocks Could Benefit From Rising Gasoline Prices?

Periods of rising gasoline prices often boost profits across several parts of the energy sector — particularly companies involved in oil production and refining.

Some of the biggest beneficiaries include:

Oil producers

Higher crude prices directly improve margins for exploration and production companies. Major beneficiaries can include:

Refiners

Refining companies can benefit when the difference between crude oil costs and refined fuel prices — known as the crack spread — widens.

Fuel retailers

Some retail distributors also see improved margins when gasoline prices rise, particularly if wholesale price increases outpace retail adjustments.

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