Gas Prices Expected to Reach Record Highs in August

Gas prices in the US are expected to surge in August, according to Patrick De Haan, head of petroleum analysis at GasBuddy. He predicts Americans will see record-breaking gas prices for August, surpassing those of 2022.

The national average for a gallon of gas is already over $4, marking 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, according to Yahoo Finance. De Haan notes that while gas prices tend to decline in the fall, the current situation remains unpredictable.