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By Andrew Stanton
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Gas prices rose 21 percent in March, the largest monthly increase since 1967, according to a new Bureau of Labor Statistics (BLS) report on inflation.
Newsweek reached out to the White House for comment via email.
Why It Matters
The report comes as the Iran war has put pressure on the global oil supply, resulting in higher prices at the pump. The closure of the Strait of Hormuz, a critical passageway for oil, has caused prices to soar since the United States and Israel launched strikes against Iran in February.
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Rising gas prices have become a political sticking point for President Donald Trump and Republicans ahead of the midterm elections.
Gas Prices Surged in March, BLS Report Finds
“The index for energy increased 10.9 percent in March, the largest monthly increase in the index since September 2005," the consumer price index report reads. "The gasoline index increased 21.2 percent over the month, the largest monthly increase since the series was first published in 1967. Before seasonal adjustment, gasoline prices increased 24.9 percent in March."
Overall, it found that inflation rose 3.3 percent in March. That is up from 2.4 percent in February and the largest yearly increase since May 2024.
White House spokesperson Kush Desai wrote on X that Trump has “always been clear about short-term disruptions as a result of Operation Epic Fury, disruptions that the Administration has been diligently working to mitigate.”
“Although gas and energy prices are seeing volatility, prices of eggs, beef, prescription drugs, dairy, and other household essentials are falling or remain stable thanks to President Trump’s policies,” he wrote.
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Gas Price on Friday: What Data Shows
Gas prices averaged $4.153 nationwide on Friday, according to AAA data. California saw the highest prices at $5.916.
That does mark a drop compared to Thursday, when prices were $4.166. One week earlier, prices were $4.091. Prices averaged $3.539 a month earlier, according to AAA.
Is the Strait of Hormuz Open Amid Iran Ceasefire?
The U.S. and Iran have agreed to a temporary ceasefire of the conflict following escalating threats from Trump earlier this week.
Despite the ceasefire, little has changed at the Strait of Hormuz.
"Iran is doing a very poor job, dishonorable some would say, of allowing Oil to go through the Strait of Hormuz," Trump wrote to Truth Social on Thursday. "That is not the agreement we have!"
The strait lies between Iran to the north and Oman to the south, with shipping lanes passing through the territorial waters of both countries, but the strait is governed by international maritime law. Iran exerts significant influence because of its long northern coastline and control of nearby islands overlooking the narrow lanes, while Oman oversees the southern side.
Roughly 20 million barrels of oil per day, about one‑fifth of global petroleum consumption, normally pass through the strait, according to U.S. Energy Information Administration data. The waterway is also a critical route for liquefied natural gas, carrying about 20 percent of global LNG trade, largely from Qatar. Most of the oil shipped through the strait is bound for Asian markets, making disruptions especially significant for global energy prices.
This article includes reporting by The Associated Press.
Update, 4/10/26 1:18 p.m. ET: This article was updated with additional information.
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