US Naval Blockade Pushes Gas Prices to Record Highs
The US naval blockade in the Strait of Hormuz has pushed gas prices to record highs for this time of year, exceeding $4 per gallon. According to GasBuddy, the national average price for gasoline climbed past $4 a gallon on August 12, surpassing the previous high set in 2022.
President Trump has framed the blockade as an unbreakable defense strategy, calling it 'A WALL OF STEEL' and refusing to back down. However, this move is creating a ripple effect across global supply chains, with countries turning to the US for refined gasoline instead of Middle Eastern crude.
As a result, domestic supplies are being squeezed, keeping prices elevated. Tom Kloza, chief oil analyst at Gulf Oil, warned that 'We're paying more than we've ever paid this time of year.'