August Gas Prices Poised to Set New Record at Over $4 Per Gallon

The national average price for a gallon of regular gasoline has reached new heights in August, with prices remaining high despite a slight decrease from last week.

According to Triple-A, the current national average is $4.09 per gallon, which is one cent lower than the previous week but still far above the $3.21 per gallon seen this time last year.

The continued volatility in the Strait of Hormuz has kept crude oil prices steady at around $80 per barrel, contributing to the high gasoline prices.

This August is on track to set a new record as the most expensive month at the pump, surpassing the previous record set in 2022 when the national average price was above $4 per gallon for the first time ever.