Average Gasoline Prices in the U.S. Exceed $4 per Gallon Throughout August

The average gasoline price in the United States exceeded $4 per gallon for the entire month of August. As of the 31st, the national average price for regular gasoline was recorded at $4.08 per gallon. This marks a rise in gasoline prices compared to the record set in August 2022 during the COVID-19 pandemic. The American Automobile Association stated that the increase in crude oil prices is driving up the average gasoline prices. Despite a slowdown in demand during the summer months, the burden of crude oil prices is being reflected in retail gasoline prices. The rise in gasoline prices directly impacts household living costs and can increase commuting and travel expenses. The resumption of hostilities between the U.S. and Iran is also contributing to upward pressure on oil prices. On the 31st, Brent crude futures rose to $90.27 per barrel, while West Texas Intermediate crude increased to $85.46. The instability in the Strait of Hormuz could affect both crude and refined oil prices. As of August 29, gasoline prices had exceeded $4 per gallon, setting a record for the entire month of August. For Korean readers, refined oil prices and logistics costs may be more direct variables.

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