Gas Prices Surge as Crude Oil Remains High

Gas prices in the US are continuing their upward trend, with the national average reaching $4.43 per gallon for regular gasoline. This marks a 16-cent increase from last week and is more than one dollar higher than it was at this time last year.

The continued volatility in crude oil prices is contributing to the rise in gas prices. The global benchmark averaged $100 per barrel, with some analysts pointing to ongoing tensions in the Strait of Hormuz as a major factor.

According to AAA, the national average for regular gasoline has been inching closer to its record high of $4.56 set on May 21. The all-time high was reached on June 14, 2022, at $5.01 per gallon.