U.S. gasoline prices rise amid elevated crude oil costs

National gasoline prices in the United States have risen to an average of approximately $4.07 per gallon for regular fuel, following a week of declines. This increase is attributed to elevated crude oil prices, which have returned to the $80-per-barrel range due to geopolitical uncertainty surrounding the Strait of Hormuz.

According to AAA, the current national average for August is the highest on record for this month. While gasoline demand saw a slight decrease to 8.96 million barrels per day, it has not been sufficient to offset the impact of higher crude oil costs. Data from the U.S. Energy Information Administration indicates that domestic gasoline supplies and production have also declined.

In regional markets, trends vary. In Southern California, average prices for self-serve regular gasoline in Los Angeles County and Orange County have recently seen consecutive daily drops, reaching $5.65 and $5.589 respectively. However, these local decreases contrast with the broader national upward trend and the significant price increases seen over the past year.