Commodities
Gas Prices Remain Unchanged Amid Crude Oil Volatility
The national average price for regular gasoline remains unchanged at $4.098 per gallon, according to AAA's latest report. This is the same as last week and a far cry from the $3.140 seen this time last year.
The price of crude oil continues to hover around $80 per barrel, with instability in the Strait of Hormuz contributing to the uncertainty. As a result, gas prices remain high across the country, despite the typical seasonal decline in prices that occurs in August.
The Energy Information Administration (EIA) reported that gasoline demand increased last week from 8.94 million to 9.04 million barrels per day. However, total domestic gasoline supply remained flat at 211.3 million barrels.