Gas prices have never been this high in mid-August

Gas prices have never been this high in mid-August

Ines Ferré · Senior Business Reporter

Wed, August 12, 2026 at 7:19 PM GMT+3 2 min read

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Gasoline prices climbed on Wednesday, marking their highest level on record for this time of year.

The national average for regular gas stood at $4.03 per gallon, according to AAA data. That's about $0.16 higher than a month ago.

The national average "is now at its highest ever level this late in the calendar year," GasBuddy head of petroleum research Patrick De Haan noted on X, "meaning the national average has never been above $4/gal after Aug. 12 in any previous year- ever."

Gasoline prices were in their second stretch above $4 per gallon this year, after dipping periodically below that level in June and July.

So far this year, the national average for regular unleaded has spent 103 days, or 46% of its time, at or above $4 per gallon. That marks the highest count of $4-plus gas since 2022, following Russia's invasion of Ukraine.

The rise at the pump comes amid the latest inflation data, released Wednesday, which showed the gasoline index fell 2.9% in July from June, though it was still up 24.6% from a year earlier.

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An impasse between the US and Iran over shipments through the Strait of Hormuz has kept oil prices volatile. Just 14 tracked vessels transited the critical oil passageway on Tuesday, according to intelligence data firm Kpler.

West Texas Intermediate (CL=F) and Brent crude (BZ=F) futures remained steady near $82 and $88 per barrel, respectively, on Wednesday, after the US enforced its blockade of the strait by firing on a Panama-flagged ship attempting to cross the Gulf of Oman.

Meanwhile, Houthi attacks on Saudi Arabian oil tankers in the Red Sea area also raised concerns about oil supply interruptions.

"Regardless, the final third of 2026 will be considerably more expensive than what we've witnessed in previous years," Tom Kloza, chief oil analyst at Gulf Oil, told Yahoo Finance.

Kloza noted that gasoline on the global spot markets sells for about $130 per barrel, well above the $80-$90 per barrel in the futures market.

The analyst predicted that without hurricanes this season, prices at the pump could hover between $3.60 and $3.90 gallon by this fall's midterm elections, the highest ever for that time of year.

Ines Ferre is a Senior Business Reporter for Yahoo Finance covering the US stock market, publicly traded companies, and commodities.

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