economy
US gas prices reach highest ever recorded for August amid stalled talks with Iran
Energy prices have been high since the US-Israel war with Iran began and the strait of Hormuz was blocked
TL;DR
- National average gas price reached $4.06 per gallon, the highest for August on record.
- Gas prices in California and Hawaii are around $5.50 per gallon.
- High energy prices stem from the US-Israel war with Iran and the blockage of the Strait of Hormuz.
- US-Iran peace talks missed a 60-day diplomatic deadline due to disagreements over Iran's nuclear program.
- President Trump threatened to bomb Oman if it interfered.
- Americans have spent an excess of $56.4 billion on elevated gas prices in the past six months.
- Eight major oil companies made $90 billion in profits between March and June.
- Consumer prices remain high despite a cooling of energy prices in July.