Virginia Gas Prices Soar as War Impacts Oil Facilities

Senator warns of $4 per gallon gas as crude oil prices spike to $118 a barrel

Mar. 21, 2026 at 3:04pm

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Gasoline prices in Virginia have risen by 90 cents per gallon over the past month, reaching an average of $3.73 per gallon, as the U.S. war with Iran disrupts critical shipping routes and targets energy facilities throughout the Persian Gulf region. U.S. Senator Mark Warner warns that Americans could soon be seeing $4 per gallon gasoline, and that the damage to energy infrastructure will take months or years to repair, keeping prices elevated even after the conflict ends.

Why it matters

The sharp rise in gas prices is putting pressure on Virginia's economy, impacting both consumers and businesses like the trucking industry that rely on diesel fuel. The higher fuel costs will likely be passed on to consumers in the form of higher prices for goods and services. The timing is also problematic, as the summer driving season approaches and the state's tourism industry gears up.

The details

Crude oil prices spiked as high as $118 a barrel on Thursday, as Iran retaliated against Israeli attacks on a major gas field by striking energy facilities in Qatar, Kuwait, Saudi Arabia, and the United Arab Emirates. The average cost of regular gasoline in Virginia rose to $3.73 per gallon, up 36 cents in just one week and 90 cents over the past month. Diesel fuel has already topped $5 per gallon, putting pressure on trucking companies that must pass higher fuel costs on to shippers.

  • On February 28, President Donald Trump announced the start of air strikes on Iran.
  • Over the past month, the average cost of regular gasoline in Virginia rose 90 cents per gallon.

The players

Mark Warner

U.S. Senator from Virginia who warned that Americans could soon be seeing $4 per gallon gasoline due to the impact of the war with Iran on energy infrastructure.

Dale Bennett

President and CEO of the Virginia Trucking Association, representing 275 member companies that are facing pressure from the sharp rise in diesel fuel prices.

Kent Engelke

Chief economic strategist and managing director at Capitol Securities Management Inc. in Richmond, who expressed concerns about how long the damage to energy facilities in the Persian Gulf region will last.

Jerome Powell

Federal Reserve Chairman who indicated that the central bank may not cut interest rates this year due to the effect of higher fuel prices on inflation.

Morgan Dean

Spokesman at AAA Club Alliance, who stated that it is difficult to predict where gas prices will go from here.

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What they’re saying

“I think Americans are soon going to be seeing $4 a gallon gasoline. And even when the war stops, you're going to see it for years to come.”

— Mark Warner, U.S. Senator

“When you have a significant increase in fuel costs like that in a short period of time, it creates pressure on your operating costs.”

— Dale Bennett, President and CEO, Virginia Trucking Association

“The thinking is the spike is only short-term. The moment the hostilities cease, prices are going to come down dramatically.”

— Kent Engelke, Chief Economic Strategist, Capitol Securities Management Inc.

“If energy prices are still up four months from now, there's no way the Fed is going to lower interest rates.”

— Kent Engelke, Chief Economic Strategist, Capitol Securities Management Inc.

“It's really hard to know where prices are going to go.”

— Morgan Dean, Spokesman, AAA Club Alliance

What’s next

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The takeaway

This case highlights growing concerns in the community about repeat offenders released on bail, raising questions about bail reform, public safety on SF streets, and if any special laws to govern autonomous vehicles in residential and commercial areas.