Crude Oil Prices Fuel Record High Gas Prices

The national average price of regular gasoline has increased by 13 cents to $4.27 over the past week, according to AAA.

This rise is attributed to higher crude oil prices, which have been pushed back into the $100-per-barrel range for the first time since July due to volatility in the Strait of Hormuz.

As a result, gas prices are now comparable to levels seen in early June and are rising during a time when prices typically decline due to lower gasoline demand.