Gas Prices Soar to New August High Amid Crude Oil Instability

The national average price for gasoline has reached $4.10 per gallon, up 4 cents from last Monday, according to a new AAA report.

This is 27% higher than last year's average of $3.15 per gallon and marks the highest recorded gas prices in August so far.

The increase can be attributed to high crude oil prices, which are currently trading between $85-$95 per barrel due to continued instability in the Strait of Hormuz.

Despite a slight decrease in gasoline demand, which is typical for this time of year, higher crude oil prices continue to drive up gas prices.