Crude Oil Prices Fuel Record-High Gas Costs This August

High crude oil prices are driving up gas costs across the US, according to recent data from the Energy Information Administration (EIA). The national average for a gallon of regular gasoline has reached $4.10, marking its highest point this time of year on record.

This August is shaping up to be the most expensive on record, with an average monthly price of $4.06 per gallon surpassing last year's peak of $3.97 in August 2022.

The EIA reports that crude oil prices remain in the $80 per barrel range due to ongoing instability in the Strait of Hormuz.