economy
National average gas prices hit record high for a calendar year
The national average price of gas is at its highest level ever for this late in the calendar year amid the Trump administration’s efforts to ease elevated prices.
TL;DR
- The national average gas price is at a record high for this late in the calendar year, exceeding $4 per gallon.
- Oil and gas prices have been high since the war in the Middle East began in February, closing the Strait of Hormuz.
- President Trump has warned that gas prices could climb further due to the ongoing conflict.
- The Trump administration is taking steps to combat high prices, including waiving the Jones Act and releasing oil reserves.
- Trump has publicly pressured major oil companies to reduce gas prices.