Crude Oil Prices Stall at $80, Fueling Record-Breaking August Gas Costs

The national average price of regular gasoline has remained relatively stable at $4.09 per gallon, according to AAA's latest data. However, crude oil prices continue to hover around $80 per barrel due to ongoing volatility in the Strait of Hormuz.

This August is shaping up to be the most expensive on record, surpassing the previous high set in 2022. Gasoline demand has increased, while total domestic supply has decreased, contributing to the high prices.

At the same time, gasoline production has risen, averaging 9.8 million barrels per day. U.S. crude oil inventories have also seen a slight increase, but remain 1% above their five-year average for this time of year.