Back to today’s briefing

Story perspectives

Gas Prices Hit $4+ as Hormuz Shipments Stay Low

8/13/2026

36 5 Full Breakdown

Summary

Story summary

Gasoline prices rose above $4 per gallon on August 12, 2026, the highest for this time of year.
Oil shipments through the Strait of Hormuz remain below levels despite President Donald Trump’s claim of U.S. control, with 9 million barrels per day flowing there, below over 20 million before conflict.
Midterm polls show 46 percent of Americans say high gas prices will affect their vote, blaming the administration’s handling of the Iran war.

History

Historical Context

During the October 1973 Arab oil embargo, OPEC—led by Saudi Arabia—cut exports by about 5 million barrels per day, prompting Nixon’s domestic price controls on gasoline. After Carter began deregulating oil prices in 1979, U.S. oil imports stayed sizable. In August 2026, Hormuz shipments of roughly 9 million barrels daily left U.S. gasoline at $4 per gallon, reviving the political backlash seen in 1973.

1 of 2

Story summary

Gasoline prices rose above $4 per gallon on August 12, 2026, the highest for this time of year.
Oil shipments through the Strait of Hormuz remain below levels despite President Donald Trump’s claim of U.S. control, with 9 million barrels per day flowing there, below over 20 million before conflict.
Midterm polls show 46 percent of Americans say high gas prices will affect their vote, blaming the administration’s handling of the Iran war.

1 / 2