why are gas prices going up

Gas prices are going up primarily due to a combination of geopolitical tensions, supply and demand imbalances, and policy factors. Recent geopolitical conflicts, such as tensions in the Middle East involving Iran and Israel, have caused spikes in oil prices, which directly influence gas prices at the pump. Additionally, supply constraints like production outages and the phasing out of certain gas imports, alongside global supply increases from OPEC+ and other producers, affect price volatility. Seasonal demand changes and regulatory factors for cleaner fuel blends in summer also contribute to temporary price increases. Inflation, tariffs, and policy uncertainties further add to the upward pressure on gas prices. While increased U.S. oil production has helped stabilize prices somewhat, the global market dynamics driven by supply-demand imbalances and geopolitical risks remain key drivers of rising gas prices as of August 2025.