August Gas Prices Could Reach Record-Breaking Levels

Gas prices in the US are expected to surge to new highs in August, according to Patrick De Haan, head of petroleum analysis at GasBuddy. De Haan predicts that Americans will see record-breaking gas prices for August, surpassing even those of 2022.

The national average for a gallon of gas has already surpassed $4, marking a significant increase of more than 30% since the onset of the conflict with Iran. Crude oil prices have climbed above $80 per barrel, driven by geopolitical factors including Ukrainian attacks on Russian oil refineries, and tensions between the US and Iran.

The federal government is taking steps to mitigate the impact on consumers, but De Haan warns that gas prices could reach $4.50 or even $5 per gallon if conditions worsen. He notes that while gas prices tend to decline in the fall, the current situation remains unpredictable.