Gas Prices Hit $4.43 Amid Continued Crude Oil Volatility

The national average for a gallon of regular gasoline has reached $4.43, a 16-cent increase from last week and more than one dollar higher than it was a year ago, according to AAA's weekly fuel price report.

Crude oil prices remain high, averaging $100 per barrel amid continued volatility in the Strait of Hormuz, which is driving up gas prices. The national average is back to what it was earlier this year during the spring and is inching closer to this year's record high of $4.56 set on May 21.

The Energy Information Administration (EIA) reported that gasoline demand increased last week from 8.55 million barrels per day to 8.79 million, while total domestic gasoline supply also increased from 206.9 million to 207.7 million barrels, as well as gasoline production from 9.3 million barrels per day to 9.6 million barrels.