US Gas Prices Soar as Crude Oil Costs Remain High

The national average for gasoline in the United States has reached its highest point this early in August, surpassing last year's monthly average. According to AAA Mountain West Group spokesperson Doug Johnson, crude oil prices are driving up the cost of fuel despite a decrease in demand.

As of now, the national average stands at $4.10 per gallon, with Alaska's average remaining steady at $4.83 for regular gasoline. This comes as crude oil prices remain around $80 per barrel due to ongoing instability in the Strait of Hormuz.

The Energy Information Administration (EIA) reported a decrease in gasoline demand from 8.96 million barrels per day to 8.68 million, while total domestic supply increased from 208.7 million barrels to 209.4 million. Additionally, gasoline production rose last week, averaging 9.7 million barrels per day.