US Gas Prices Hit Record High as Crude Oil Stays Steady

The national average price of regular gasoline has hit $4.10 per gallon, marking the highest it's ever been on this date in August. This comes as crude oil prices remain steady in the $80.00 per barrel range due to continued instability in the Strait of Hormuz.

New data from the Energy Information Administration (EIA) shows that gasoline demand decreased last week from 8.96 million barrels per day to 8.68 million, while total domestic gasoline supply increased from 208.7 million barrels to 209.4 million. Gasoline production also rose, averaging 9.7 million barrels per day.

The EIA reports that crude oil inventories increased by 4.4 million barrels from the previous week, with U.S. crude oil inventories matching the five-year average for this time of year at 428.8 million barrels.