US Gas Prices Set for Record Highs in August
Gas prices in the US are expected to reach new highs in August, according to Patrick De Haan, head of petroleum analysis at GasBuddy. The current national average for a gallon of gas is over $4, a significant increase of more than 30% since the conflict with Iran began.
The renewed tensions between the US and Iran have driven energy prices higher, with crude oil prices climbing above $80 per barrel. This surge in energy costs has been exacerbated by Ukrainian attacks on Russian oil refineries, contributing to the price hike.
Despite the federal government's efforts to mitigate the impact on consumers, including releasing oil from the US Strategic Petroleum Reserve and implementing fuel tax holidays in some states, gas prices could reach $4.50 or even $5 per gallon if conditions worsen.