Gas At A 4 Year High 4/30/26

Summary

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Episode Overview

Podcast: Your Money Minute
Host: Jessica Ettinger (CNBC)
Episode Title: Gas At A 4 Year High
Date: April 30, 2026

This quick, one-minute episode addresses the sharp rise in gas prices—now at a four-year high amid ongoing geopolitical conflict. It spotlights the nationwide impact on consumer sentiment and spending, drawing on fresh statistics and expert commentary to explain how Americans are reacting financially to surging fuel costs.

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Key Discussion Points and Insights

1. Gas Prices Reach New Highs

• Gas Prices Surge: National average for a gallon of regular gasoline hit $4.23 on April 29, 2026, up dramatically from $2.98 just before the US sent missiles into Iran nine weeks ago.

  • (00:34) Quote: “AAA says the national average for a gallon of Regular on Wednesday, April 29th hit $4.23 a gallon. The day before the US sent missiles into Iran, a gallon of gas had a two handle—$2.98.” – Jessica Ettinger

• Market Context: The price shock follows a dramatic escalation of conflict, with the US–Iran war now entering its ninth week.

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2. Impact on Consumer Sentiment and Spending

• Lowest Sentiment Readings: Americans are extremely sensitive to gas price increases, resulting in a drop in consumer sentiment to its lowest since the beginning of the University of Michigan survey.

  • (00:06) Quote: “Consumers are very sensitive to prices at the pump and you can see that in the lowest consumer sentiment readings we’ve seen since the beginning of the Michigan survey.” – Lael Brainard (former National Economic Council director)

• Ripple Effect: Gas was once an exception to rising prices, but the recent surge has now become a major drag on how Americans feel about the economy.

  • (00:22) Quote: “Gas was the one bright spot on prices—now, the gas price increase of over a dollar at the pump, that is now weighing on consumer sentiment.” – Lael Brainard

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3. Broader Economic Consequences

• Airline Industry:
  • US airlines are raising ticket prices and trimming underperforming routes because jet fuel costs have doubled.
  • In Europe, airlines not only do the same but also face jet fuel bidding wars.
  • (00:34) “Domestically, airlines are raising ticket prices and reducing underperforming flights because jet fuel has doubled in price. In Europe, airlines there are doing all those things plus they're facing bidding war jet fuel supplies.” – Jessica Ettinger

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4. How Americans Are Coping

• Survey Data: According to the latest CNBC All-America Survey:
  • 80% of 1,000 Americans surveyed have changed their spending habits due to higher gas prices.
  • 61% are spending less on out-of-home entertainment (restaurants, movies, concerts).
  • 52% are traveling less.
  • 41% are even cutting back on essential items.
  • (01:13) Quote: “80% of the 1,000 Americans we surveyed nationwide are doing one of these actions here in response to higher gas prices: 61% spending less on out-of-home entertainment... 52% traveling less, 41% spending less on essential items.” – Steve Liesman (CNBC Senior Economics Reporter)

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Memorable Moments & Notable Quotes

• (00:06) “Consumers are very sensitive to prices at the pump and you can see that in the lowest consumer sentiment readings we’ve seen since the beginning of the Michigan survey.”
  — Lael Brainard

• (00:34) “AAA says the national average for a gallon of Regular ... hit $4.23. The day before the US sent missiles into Iran, a gallon of gas had a two handle—$2.98.”
  — Jessica Ettinger

• (01:13) “80% of the 1,000 Americans we surveyed … are doing one of these actions here in response to higher gas prices...”
  — Steve Liesman

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Timestamps for Key Points

• 00:06: Lael Brainard on sentiment drop from gas prices
• 00:22: Gas prices now dragging on consumer sentiment
• 00:34: National gas price average, US–Iran war context, and airline response
• 01:13: Steve Liesman on CNBC survey—how Americans are cutting back

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Tone and Style

The episode maintains CNBC’s urgent, informative tone—delivering data, expert opinion, and everyday impact in a crisp, news-driven style, directly relating financial headlines to personal finance decisions.

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Transcript

[A]

With a CNBC YOUR Money minute, I'm Jessica Ettinger. Prices at the pump at a fresh

[B]

four year high. Consumers are very sensitive to prices at the pump and you can see that in the lowest consumer sentiment readings we've seen since the beginning of the Michigan survey.

[A]

That's former National Economic Council director Lael Brainard on cnbc. Gas

[B]

was the one bright spot on prices now, the gas price increase of over a dollar at the pump that is now weighing on consumer sentiment.

[A]

AAA says the national average for a gallon of Regular on Wednesday, April 29th hit $4.23 a gallon. The day before the US sent missiles into Iran, a gallon of gas had a two handle $2.98. The US Iran war is now in its ninth week. Domestically, airlines are raising ticket prices and reducing underperforming flights because jet fuel has doubled in price in Europe. Airlines there are doing all those things plus they're facing bidding war. Jet fuel supplies. The latest CNBC All America survey found that a lot of people are spending less elsewhere because they have to fill the tank.

[C]

80% of the 1,000Americans we surveyed nationwide are doing one of these actions here in response to higher gas prices, 61% spending less on out of home entertainment like restaurants and going out to movies and concerts, 52% traveling less, 41% spending less on essential items and Americans experiencing pain at the pump from higher

[A]

gas prices. CNBC senior economics reporter Steve Leesman. Keep up on the war and your [e-mail] I'm Jessica Ettinger. CNBC

[D]

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