US Gas Prices Rise Again Amid Uncertainty
The national average price of regular gasoline in the US has begun to rise again after a brief drop, reaching $4.07 per gallon as of August 13th, according to AAA Gas Prices.
This increase is largely due to crude oil prices being back in the $80 per barrel range amid continued uncertainty along the Strait of Hormuz.
Despite a decrease in gasoline demand last week, which fell from 9.03 million barrels per day to 8.96 million, total domestic gasoline supply also decreased from 209.7 million barrels to 208.7 million.
The Energy Information Administration (EIA) reported that crude oil inventories increased by 17.4 million barrels from the previous week, with U.S. crude oil inventories standing at 424.4 million barrels, about 2% below the five-year average for this time of year.