Gas Prices Set New Records, But Relief May Be Coming For Now The national average price of gasoline has hit a new record high, surpassing $4 per gallon as Brent crude futures reach $100 per barrel for the first time since July.
Tensions between the US and Iran are driving up oil prices, but other factors like refining costs, distribution disruptions, and retailers' markups also contribute to the surge.
The media often focuses on the immediate cause of rising gas prices: the war between the US and Iran. While this is a significant factor, it's not the only one at play.