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August Gas Prices Smash Records: Set to Be Most Expensive Ever
30 Aug
Summary
- National average gas price remained above $4 daily throughout August.
- Current crude oil prices are around $80 per barrel due to global tensions.
- Demand for gasoline increased while domestic supply decreased last week.
As of August 2026, the national average price for a gallon of regular unleaded gasoline has stayed above $4 throughout the entire month. This sustained high cost is poised to set a new record, making this August the most expensive on record for fuel prices, surpassing the previous August record from 2022. Factors contributing to these elevated prices include ongoing volatility in the Strait of Hormuz and international conflicts, keeping crude oil prices in the $80 per barrel range.
AAA reported a slight decrease of one cent week-over-week and month-over-month, bringing the average to $4.09 per gallon. This is a significant increase compared to the average price of $3.20 a year ago. Over the past week, there has been an observed increase in demand for gasoline, rising from 8.68 million barrels per day to 9.04 million barrels per day. Concurrently, the total domestic gasoline supply saw a decrease from 209.4 million barrels to 206.8 million barrels.
