US Gas Prices Set to Soar in August Amid Tensions

Ahead of August, Patrick De Haan, head of petroleum analysis at GasBuddy, predicts record-breaking gas prices in the United States. The current national average for a gallon of gas is over $4, representing a significant increase of more than 30% since the conflict with Iran began. Crude oil prices have climbed above $80 per barrel due to renewed tensions between the U.S. and Iran.

Geopolitical factors, including Ukrainian attacks on Russian oil refineries, are also contributing to the price hike. De Haan notes that while gas prices tend to decline in the fall, the current situation remains unpredictable. The federal government is releasing oil from the U.S. Strategic Petroleum Reserve and implementing fuel tax holidays in some states.

However, these measures may not provide immediate relief. De Haan warns that gas prices could reach $4.50 or even $5 per gallon if conditions worsen. Americans are advised to join fuel rewards programs, comparison shop, and use credit cards with gas rewards to save money.