August Gas Prices Could Surpass Record Highs: Analyst

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

The current national average is over $4 per gallon, a 30% increase since the conflict with Iran began. Crude oil prices have climbed above $80 per barrel due to renewed tensions between the US and Iran, as well as Ukrainian attacks on Russian oil refineries.

While gas prices tend to decline in the fall, De Haan notes that this situation remains unpredictable. The federal government has implemented measures to mitigate the impact, including releasing oil from the Strategic Petroleum Reserve and offering fuel tax holidays in some states.