Gas Prices Soar Amid Elevated Crude Oil Costs and Strait of Hormuz Closure

Gas prices are on the rise in most states, including Oregon, where the average price for regular gas has reached $4.72 a gallon, its highest level since mid-August 2022. The national average price of $4.07 per gallon is also at an all-time high for this time of year.

The elevated crude oil prices and ongoing closure of the Strait of Hormuz are contributing to the increase in pump prices. Crude oil prices have been above $80 since August 10, driven by concerns over global oil supplies and geopolitical events.

AAA Oregon/Idaho's Marie Dodds notes that pump prices often settle down in August as the summer driving season winds down, but this year they are remaining higher than normal due to the ongoing conflict with Iran.