Gas prices may hit new all-time highs by the end of March

• According to AAA, the highest average gas price in the United States in June 2022 was $5.02 per gallon. A big move in the oil markets tonight suggests that this record will soon be broken.

• An analyst named NVIDIA just named his top 10 AI stocks in 2010. Get it for free here.

Americans at the pump are about to have a rude awakening. We publish all day how bad Oil prices could gain, and oil futures just opened to a historic high.

Widely followed WTI crude oil futures rose from $72 a barrel earlier last week to $108 a barrel tonight. This is especially noteworthy since they closed at $90.90 on Friday. Big picture for customers: The pain at the pump increases over the following weeks.

Let’s see how painful it can be.

The national average for regular gas currently sits at $3.45 per gallon, according to AAA as of March 8, 2026.

READ: The analyst named NVIDIA in 2010 Just naming his top 10 AI stocks

This number seems like a distant memory. The main reason is the Iran conflict and the threat of supply through the Strait of Hormuz, which is one of the most important oil destinations in the world.

We’re monitoring the situation live 24/7 on Wall St., and you can follow along here.

But here’s what’s going on.

• Oil futures don’t start trading until 6pm on Sunday. When they opened tonight, they were up 18%. WTI futures are now trading for around $108 per barrel.

• That’s a big jump from Friday, about 18%.

• That jump—if it holds through tomorrow—will lead to a big selloff in the stock market.

• However, a bigger issue for many Americans is that rising oil prices will only get worse. The average price per gallon across the US as of March 8 was $3.45. That’s already a 16% jump over the past week. However, what consumers pay at the pump is generally what financial markets lag behind.

• If the jump in oil prices continues tonight, it will lead to potentially historic gas prices next week.

The all-time record national average gas price, per AAA, is $5.02 per gallon, set on June 14, 2022. If oil prices are close to current levels, then this record is squarely in the crosshairs.

California is already showing us what’s happening: The state average has reached $5.159 per gallon, as detailed in this companion piece on California gas prices.

Consumer sentiment was already fragile towards this shock. The University of Michigan index sat at just 56.4 in January 2026, dangerously close to recession territory. The constant increase in gas prices is exactly the kind of gut punch that pushes stressed consumers over the edge.

Another area where higher gas prices will have an impact is inflation. Donald Trump knows the midterms are coming up in November, and inflation has been a key concern in the past election. If gas prices continue to skyrocket, that could have a big impact on his decision.

There were prediction markets already Gas prices are forecast to rise at the end of March before the next opening tonight. Looks like they’ll be fine.

In the polymarket, the probability of national gas prices reaching $4.50 by the end of March is at 64%. Again, this is a 30% increase from today’s average of $3.45.

Polymarket also now has a 36% chance that gas prices will reach $5 by the end of March. The average high gas price was $5.02. Put another way, the forecast markets now have a 34% chance that we’ll hit record highs for gas by the end of the month.

So, if you’re comfortable paying $3 per gallon for gas, you need to prepare for some a lot Shock in the coming weeks.

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