US Gas Prices Reach New August Record
The national average price of gasoline in the United States has surpassed $4 per gallon for the first time ever in August, setting a new record. According to AAA, the current national average is $4.09 per gallon, down one cent from last week but still well above the $3.66 average seen in 2022. This trend is driven by relatively flat crude oil prices, which have held steady around $80 per barrel due to ongoing volatility in the Strait of Hormuz.
The Energy Information Administration (EIA) reports that gasoline demand increased last week from 8.68 million barrels per day to 9.04 million, while total domestic gasoline supply decreased from 209.4 million barrels to 206.8 million. Gasoline production also increased, averaging 9.8 million barrels per day.
The nation's top 10 most expensive gas markets are led by California at $5.63 per gallon, followed closely by Hawaii at $5.41 and Washington at $5.27. On the other end of the spectrum, the nation's top 10 least expensive gas markets include Indiana at $3.46 and Texas at $3.63.