National average price of gas in U.S. hits $4 per gallon

The national average price of gasoline has climbed to $4 per gallon for the first time since August 2022, driven by ongoing conflict in Iran that has disrupted global oil supplies. The surge marks a significant milestone for American consumers already grappling with inflationary pressures, as higher fuel costs ripple through transportation, shipping, and everyday household expenses. With the Iran war now in its fifth week, energy markets remain volatile and uncertain about when supplies might stabilize. CBS News business analyst Jill Schlesinger notes consumers are feeling the economic pinch acutely as these price increases compound existing cost-of-living concerns.