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Gasoline Prices Surge Across the Country <br />For the Quarter Ended March 31,2026 <br />Market Update <br />0% <br />1% <br />2% <br />3% <br />4% <br />5% <br />6% <br />7% <br />1970 1977 1984 1991 1998 2005 2012 2019 2026 <br />Gasoline and Other Fuel Spending as a <br />Percentage of Household Spending <br />GFC <br />COVID <br />70s oil embargo and <br />Iranian revolution <br />30% to 39%Greater than 50%40% to 49% <br />% Change in Gas Prices <br />2/28 – 3/31 <br />National Average Price of Gasoline <br />$4.02 <br />Source: Bloomberg Finance L.P., Bureau of Economic Analysis, and gasprices.aaa.com. BEA data as of February 2026 and gasoline data as of 3/31/2026. Other fuels contain <br />diesel, fuel oil, kerosene and others. <br />20% to 29% <br />Gasoline and other fuels as a <br />share of household spending <br />enters this period near record lows <br />CITY OF REDWOOD CITY <br />PFM Asset Management | pfmam.com 13 <br />7.C. - Page 19 of 71 <br />35