Just over a year ago, gasoline prices in the United States hit record highs that surprised everyone. The interesting thing is that they even surpassed the levels of the 2022 crisis when the war between Russia and Ukraine caused everything to spike. According to data from AAA at that time, the national average price reached $4.12 per gallon, and diesel hit $5.65. Figures that stayed etched in the minds of anyone who had to fill up.

What happened was that after the military attacks between the United States and Iran at the end of February, prices skyrocketed. Gasoline went up more than $1.10 per gallon within weeks. The Energy Secretary at the time declared that prices could stay high for weeks, which ultimately proved to be more than expected.

What many did not see coming was the domino effect it triggered. Diesel, being the main fuel for freight transportation, agriculture, and industry, drove up the costs of food, logistics, and production. That directly translated into more inflation for the average consumer. Airline tickets also rose because aviation fuel became quite expensive.

Analysts at the time warned that if gasoline remained at those levels, people's purchasing power would be squeezed even further. And they were right. Disposable income decreased, economic recovery slowed down, and the pressure on the summer travel season was brutal. Even with expectations that the conflict would be resolved, forecasts showed that prices would remain higher than normal for months. A clear reminder of how global energy crises end up directly affecting the pockets of anyone dependent on fuel.