August Gas Prices to Hit Record Highs Amid US-Iran Tensions
Gas prices in the US are set to surge to new heights 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, exceeding those of 2022. Currently, the national average is over $4, a significant increase of more than 30% since the conflict with Iran began.
The renewed tensions between the US and Iran have driven energy prices higher, with crude oil prices climbing above $80 per barrel. Geopolitical factors, including Ukrainian attacks on Russian oil refineries, are also contributing to the price hike.
De Haan notes that while gas prices tend to decline in the fall, the current situation is unpredictable. The federal government has taken steps to mitigate the impact on consumers, including releasing oil from the US Strategic Petroleum Reserve and implementing fuel tax holidays in some states.