Gas prices in the United States are expected to surge to new highs in August, according to Patrick De Haan, head of petroleum analysis at GasBuddy. De Haan predicts that Americans will see record-breaking gas prices for August, surpassing even those of 2022. Currently, the national average for a gallon of gas is over $4, marking a significant increase of more than 30% since the onset of the conflict with Iran.
The renewed tensions between the U.S. and Iran have driven energy prices higher, with crude oil prices climbing above $80 per barrel. Yahoo Finance reports that 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 taking steps to mitigate the impact on consumers, including the release of 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.
As Americans brace for higher prices at the pump, experts suggest joining fuel rewards programs, comparison shopping, and using credit cards with gas rewards to save money. Despite these efforts, the combination of high demand and limited supply continues to keep prices elevated.
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