U.S. NATIONWIDE — The average nationwide price of gasoline rose to $4.02 per gallon on Tuesday, according to motor club AAA. The increase followed Monday's settlement of U.S. crude oil prices above $100 per barrel for the first time since Russia's full-scale invasion of Ukraine in 2022.

Since February 28, after the United States and Israel attacked Iran, the average price of unleaded gasoline in the U.S. has increased by more than $1 per gallon. U.S. average gasoline prices were just below $4 per gallon for several consecutive days before rising above $4 on Tuesday.

Since February 28, West Texas Intermediate crude oil prices have increased by more than 50%, while Brent crude oil prices have increased by nearly 60%. Since the start of the year, U.S. crude oil prices have increased by more than 80%, and Brent crude oil prices have increased by almost 90%.

"The consumer has already seen the sticker shock from rising gasoline prices and increased airline ticket prices from the rising cost of jet fuel," longtime industry analyst Andy Lipow said. "However, the full effects of the higher diesel prices has yet to be felt and that will flow through the economy over the next few months."

The average U.S. price of diesel fuel was $5.45 per gallon, more than $1.80 higher than a year earlier, according to AAA. The average price of gasoline in California was $5.89 per gallon and Washington state averaged $5.35 per gallon.

"It's not the shock of $5, but motorists are really going to start to see those digits go up on the dollar price on the pump relatively quickly," said Patrick De Haan, petroleum expert at GasBuddy. Since 2009, U.S. gasoline prices have exceeded $4 per gallon for a total of 157 days, all of which occurred in 2022, according to GasBuddy data.

"This rise in gasoline spending could potentially dampen consumers' ability to spend on 'nice-to-have' or discretionary categories," Bank of America economists said. This year, the average U.S. household will spend an additional $740 on gasoline due to higher oil prices, economists from the Stanford Institute for Economic Policy Research said.