U.S. Gasoline Hits $4.15 a Gallon as Gulf Conflict Keeps Fall Prices Elevated
Updated
Updated · CNN · Sep 4
U.S. Gasoline Hits $4.15 a Gallon as Gulf Conflict Keeps Fall Prices Elevated
3 articles · Updated · CNN · Sep 4
Summary
$4.15 a gallon on Sunday left the national gas average far above late February’s $2.98, squeezing household budgets and forcing some Americans to cancel trips, cut spending or rethink car ownership.
AAA said August averaged a record $4.07 for the month after crude hovered in the $80-a-barrel range while the Strait of Hormuz remained largely blocked, with Russia-Ukraine fighting also supporting energy prices.
Travel held up despite the pain, but Memorial Day and July 4 volumes were projected to match last year’s highs rather than extend the post-pandemic run of big holiday gains.
Analysts expect the pressure to persist through fall: Labor Day gas has never previously topped $4 nationally, and GasBuddy says September through November could be the most expensive on record unless geopolitical tensions ease.