In statements posted on his X page on Wednesday, Patrick De Haan, Head of Petroleum Analysis at GasBuddy, announced that the U.S. gasoline price had broken a couple of records.
“The national average is now at its highest ever level this late in the calendar year, according to GasBuddy data,” De Haan said in one post on August 12.
“Meaning the national average has never been above $4 per gallon after August 12 in any previous year – ever,” he added.
In another statement posted on his X page on the same day, De Haan said the national average price of gasoline had “risen back above $4 per gallon for the third time in the same calendar year”, which he pointed out was “a new record”.
In a blog posted on GasBuddy’s website on August 10, the company noted that, according to its data, the average price of gasoline in the U.S. had fallen 10.7 cents over the last week and stood at $3.94 per gallon.
“The national average is up 9.5 cents from a month ago and is 85.6 cents per gallon higher than a year ago,” GasBuddy highlighted in that blog.
The most common U.S. gas price encountered by motorists was $3.99 per gallon, “up 30 cents from a week ago”, GasBuddy pointed out in its blog, adding that this was followed by $3.79, $3.89, $3.69, and $3.59. The median U.S. gas price was $3.82 per gallon, “down 7 cents from last week and about 12 cents lower than the national average”, the company outlined.
“Average gasoline prices declined in 47 states over the last week … with the national average price of gasoline posting a double-digit drop per gallon,” De Haan stated in the blog.
“However, the wild ride continues. Iran is pushing back against a reopening of the Strait of Hormuz, and oil prices edged modestly higher in Sunday night trading, signaling that the recent relief may not last,” he warned.
“With the Strait remaining closed, upward pressure on fuel prices could return quickly, and if things don’t go well, the national average could climb to its highest level ever recorded this late in the calendar year,” he said.
“For now, enjoy the dip, but keep a close eye on how the Strait situation develops in the days ahead,” De Haan continued.
In its latest short term energy outlook (STEO), which was released on August 11 and completed its forecast on August 6, the U.S. Energy Information Administration (EIA) projected that the U.S. regular gasoline retail price will average $3.78 per gallon in 2026. The fuel averaged $3.10 per gallon last year, the STEO showed.
A quarterly breakdown included in its latest STEO revealed that the EIA sees the fuel price averaging $4.01 per gallon in the third quarter, $3.72 per gallon in the fourth quarter. The fuel price came in at $3.13 per gallon in the first quarter and $4.21 per gallon in the second quarter, the STEO highlighted.
According to the AAA Fuel Prices website, the average price of regular gasoline in the U.S. is $4.0715 per gallon, as of August 13. Yesterday’s average was $4.0360 per gallon, the week ago average was $4.0633 per gallon, the month ago average was $3.8722 per gallon, and the year ago average was $3.1558 per gallon, the site showed.
In a maternal healthcare event hosted in the White House Oval Office on May 11, which was streamed live on the White House YouTube page, U.S. President Donald Trump said, “as soon as this is over with Iran … you’re going to see gasoline and oil drop like a rock”.