Gas Prices on Course To Beat 2022 Record: Which States Are Charging Most?
Summary
Gas prices in the U.S. have risen by over 30% since the start of the Iran war and are expected to reach the highest levels ever recorded for August, surpassing the 2022 record. California has the highest gas prices in the country, while prices in most states have increased significantly compared to last year.Key Facts
- Gas prices in the U.S. are expected to reach new records for the month of August, surpassing the previous high in August 2022.
- The national average gas price is around $4.09 per gallon as of early August 2024, up from $3.86 a month ago and $3.14 a year ago.
- California has the highest gas prices at about $5.65 per gallon due to high taxes, strict environmental rules, and limited fuel supply.
- Other states with high gas prices above $5 per gallon include Washington and Hawaii.
- States with the lowest gas prices are North Carolina, Arkansas, Missouri, and Ohio, though prices there have also risen by about $1 compared to last year.
- The increase in gas prices has been driven by the Iran war and continuing supply disruptions following the COVID-19 pandemic.
- Gas prices had briefly fallen earlier this year, but started rising again after U.S. and Israel launched strikes on Iran in late February 2024.
- Rising gas prices could impact public opinion and political dynamics ahead of the 2024 U.S. presidential election.
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