US Gas Prices Hit Historic Highs Amid Strait Disruptions
Gas prices in the US have hit historic highs this August, reaching an average of $4.07 per gallon, according to AAA data.
This is the highest-priced August on record for national gas averages.
The disruptions and closures for the Strait of Hormuz, a passageway for one-fifth of global oil and liquefied natural gas, have contributed to these high prices.
However, drivers may not receive relief from these high prices anytime soon as negotiations to reopen the strait are deadlocked.
To help mitigate the costs, several credit cards and rewards programs offer cash back or points on gas purchases.
The PenFed Platinum Rewards Visa Signature Card offers up to 5X points on gas and EV charging with no spending cap.
Other options include the Citi Strata Premier Card, which earns 3X ThankYou Points on gas and EV charging stations, and the Chase Sapphire Preferred Card, which also earns unlimited 3X points on gas and EV charging.
If drivers prefer to use a rewards program instead of a credit card, programs like earnify by BP offer 5 cents off per gallon on all fill-ups while earning points that can be redeemed for fuel savings or convenience store items.