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July 4 gas prices will be the highest since 2022

A line chart that tracks average U.S. regular gasoline prices, in dollars per gallon, from Jan. 1 to July 1, 2026. Prices rose from $2.8335 to a peak of $4.5641 on May 21, after a low of $2.7951 on Jan. 11, then fell to $3.847 by July 1.

Average U.S. regular gasoline prices

Macro

Axios Macro

Jobs report shows weaker-than-expected hiring in June

A column chart that shows monthly changes in U.S. nonfarm payrolls from June 2025 to June 2026. Payrolls ranged from minus 156,000 in February 2026 to 214,000 in March 2026. Gains turned positive in four of the final five months, ending at 57,000 in June 2026.

Change in U.S. nonfarm payrolls

Data: Bureau of Labor Statistics; Chart: Courtenay Brown/Axios

The world is suddenly awash in oil — for now

Closer

Axios Closer

Strong earnings, easing oil prices drive Q2 stock rally

Oil transit is rebounding — but fresh hurdles arrive

Ukraine's drones take the war to Russia

Whats Next

Axios What's Next

Don't expect pre-war gas or airfare prices any time soon

A set of line charts showing the change in the price of Brent crude oil  after select events. It shows the change daily, from one day before the event to 100 days after. The Iran War, started on Feb. 28, 2026, spiked Brent crude prices to up to 94% higher than the pre-war baseline. This is higher than any event shown except for Iraq's invasion of Kuwait in 1990 (+108%). 

Change in the price of Brent crude oil in the 100 days following select events

Data: U.S. Energy Information Administration; Chart: Erin Davis/Axios Visuals

Rise in gas prices caused "financial hardship" for two-thirds of households surveyed

A side-by-side graphic featuring two related line charts. On the left, the share of U.S. adults saying that gas price increases have caused financial hardship, with 67% in 2026. On the right, the average price of regular unleaded gasoline, which reached $4.05 as of June 2026, showing a mostly upward trend.

Gas prices

Data: Gallup and U.S. Energy Information Administration. Chart: Danielle Alberti/Axios

Why the Iran oil shock hasn't walloped U.S. growth

A line chart that shows oil expenditures as a share of U.S. GDP each year from 1980 to 2024, including household and business spending. The share peaked at 8.3183% in 1980 and fell to a low of 2.3608% in 2020. It rose to 4.0382% in 2022, then eased to 2.9102% in 2024.

Oil expenditures' share of U.S. gross domestic product 

Data: Federal Reserve Bank of Dallas; Chart: Ben Geman/Axios

Trump threatens DOJ probe of oil companies

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