Geopolitics Drive Gas Prices to Record High Amid Ukraine-Russia Conflict
The national average price of gasoline has reached $4.05 per gallon for August, marking the highest ever recorded this late in the calendar year.
This surge is attributed to escalating geopolitical conflicts on two fronts: President Donald Trump's plans to launch an economic operation against Iran and Ukraine's sustained attacks on Russian oil refineries.
Patrick De Haan, head of petroleum analysis for GasBuddy, noted that while the US-Iran conflict affects global oil markets, Ukraine's attacks have a more direct impact on gas prices due to the strain on Russia's refining capacity.
Russia is unable to export refined products, forcing them to import instead, which puts additional pressure on global fuel supplies and drives up costs at the pump.