MW Drivers paying nearly $4 a gallon for gas see hope in oil prices' fall

By Myra P. Saefong

Gas prices on Saturday rose to their highest since August 2022, GasBuddy data show

A $1 change in oil prices may impact gasoline prices by 2.4 cents a gallon, according to GasBuddy's Patrcik De Haan.

Gasoline at the pump was close to $4 a gallon on average around the nation, though Monday's steep drop in oil prices offering a glimmer of hope that gas could fall from a roughly 31/2-year high.

The retail price a gallon for regular gasoline was $3.923 on Monday morning, down from $3.95 on Saturday, which was the highest average since August 2022, according to data from GasBuddy.

Prices for the fuel on Monday were about 98.5 cents a gallon higher than a month ago. The 32% rise follows a month-to-date climb of nearly 47% for U.S. benchmark West Texas Intermediate crude futures (CL.1) through Friday, according to Dow Jones Market Data.

The average price for regular gasoline climbed to $3.95 a gallon on March 21, 2026, according to GasBuddy.

Gasoline prices could reach the $4-a-gallon mark as early as this week, for the first time since 2022, Patrick De Haan, head of petroleum analysis at GasBuddy, said in commentary Monday. "There are few signs of stabilization so far," he said, adding that early indications "suggest consumers may begin to pull back in response to the rapid pace of increases."

But oil prices pulled back sharply in Monday trading, with WTI crude for May delivery (CLK26) down 11.7% to $86.79 a barrel on the New York Mercantile Exchange.

The decline followed comments by President Donald Trump on Truth Social that the U.S. and Iran had "very good and productive conversations regarding a complete and total resolution" of hostilities, as the conflict entered its fourth week.

Read: Global oil prices fall after Trump says he's postponing attacks on Iran power plans

Iranian officials, however, have denied reports of negotiations, with a state-owned Iranian newspaper reporting that Trump's remarks are part of efforts to reduce energy prices and buy time to implement his military plans, according to the Associated Press.

For now, it's "too early to know if the coast is clear - lots of conflicting headlines," De Haan told MarketWatch, when asked if the fall in oil prices will impact retail gasoline prices.

"A drop in oil could start to lead to a drop in gasoline prices around midweek at best," he said. "With all the noise/seasonal factors, there's not a magic number."

Generally, since one barrel of oil has 42 gallons, every $1 change may impact gas prices by 2.4 cents a gallon, said De Haan.

-Myra P. Saefong

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March 23, 2026 11:27 ET (15:27 GMT)

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