US Gas Prices Reach Record Highs Nationwide in August

Gas prices have continued to soar in August, reaching record levels nationwide. The national average price for a gallon of regular gasoline remained above $4 every day in August for the first time, according to AAA.

The monthly average price of $3.97 recorded in 2022 is now expected to be surpassed by August's numbers, making it the most expensive month at the gas pump on record.

Despite declining gasoline demand, elevated crude oil prices and continued volatility surrounding the Strait of Hormuz have kept gas prices persistently high. Brent crude, the international benchmark, climbed above $90 a barrel on Monday, while the U.S. benchmark crude traded above $86.

In some states, average prices have climbed well above $5 a gallon. California tops the list as the most expensive gas market in the country, with an average of $5.63 per gallon, followed by Hawaii at $5.41 and Washington at $5.27.