Gas Prices Soar to Record Highs Amidst Heat Wave and Low Oil Supply

Gas prices continue to rise due to efforts to cut global oil production, leading to higher petroleum prices and subsequently increasing pump prices. The end of the U.S. government's release of oil from the strategic reserve, combined with peak summer demand for gasoline, has further squeezed supply. The average price of a gallon in metro Atlanta has risen by 34 cents in a month, with state and federal taxes adding about 50 cents to the cost. Oil prices, which account for at least half the price at the pump, have reached their highest level since early April. Retailers are expected to continue adjusting their prices upwards, and concerns remain about the impact of refinery and pipeline issues on gasoline availability.