Gas Prices Soar Past Record High as Iran War Continues
The average gas price in the US has reached its highest level for this time of year, according to fuel tracker GasBuddy. The national average is now over $4 per gallon, marking a new record for August.
This milestone comes as the US war with Iran continues, with the Strait of Hormuz effectively closed due to the conflict. The strait is a crucial oil trade route, and its closure has contributed to rising gas prices. In fact, GasBuddy's Patrick De Haan notes that this is the first time the national average has ever been above $4 per gallon after August 12.
President Trump took to social media on Wednesday to assert US control over the strait, dubbing it a 'Wall of Steel.' He also made claims about Iran's military and economic situation, stating that they have no Navy, Air Force, or money. However, experts and officials may disagree with these assessments.
The high gas prices are also being felt by consumers, who are struggling to afford necessities like fuel and groceries. A recent poll found that 95% of Americans believe the country is in an affordability crisis.