Your Gas Is Up 41% Since February. Tomorrow's CPI Will Prove It.

Part 1

Chart of the Day

SEPTEMBER 10, 2026

COST OF LIVING • ENERGY

You Paid $2.96 for a Gallon of Gas in February. Today You’re Paying $4.22.

The pump tells the story the CPI report won’t.

CALIF.

$5.81

WASH.

$5.17

OREGON

$5.00

NEVADA

$4.71

U.S. AVG

$4.22

TEXAS

$3.68

MISS.

$3.52

INDIANA

$3.45

Regular unleaded, national and state averages. The national average is up 41% since the Strait of Hormuz closed in February.

Source: AAA Daily National Average, September 10, 2026

Six months ago, gas was $2.96 a gallon.

Today it’s $4.22. In California, $5.81. In Washington and Oregon, north of $5. Even in the cheapest state in the union, Indiana, you’re paying $3.45.

Here’s what most people get wrong. They think the pump price is about supply and demand at the corner Shell station. It’s not. It’s about one thing: what a barrel of Brent crude costs on the London exchange. And this morning, Brent traded at $101... back above $100 for the first time since May, seven months into the war with Iran.

Now here’s the part that really gets me. The August CPI report comes out tomorrow morning. Wall Street is bracing for another hot number, probably north of 4%. But your gas tank already knew. It’s been telling you for weeks. The government just publishes the receipt.

And look at the spread. The most expensive state pays $2.36 more per gallon than the cheapest. On a 15-gallon fill-up, that’s $35 extra every single time, just because of where you live. A year ago the national average was $3.20. So the average American is paying about $15 more per fill-up than they were last September. Drive 12,000 miles a year in a car that gets 25 mpg and that’s roughly $500 a year going straight into your tank. Money that used to go to groceries. Or savings. Or a night out.

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Part 2

THE TAKEAWAY

“Gas is up 41% since February. That’s $500 a year out of the average American’s pocket, and that’s before tomorrow’s inflation report even hits the wire.”

Pull up your last three credit card statements this weekend. Add up what you actually spent at the pump each month. Compare it to what you paid a year ago. If the number surprises you, and it will, that’s the real inflation number. Not the one they’ll read on TV tomorrow.

More tomorrow. Stay sharp.

— Ray Calloway

Your Gas Is Up 41% Since February. Tomorrow's CPI Will Prove It.

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